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New Oil And Gas Company Promises To Drill More, Deeper Wells
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A new oil and gas company opened its doors in Marietta Monday, promising to drill deeper and create jobs.
A spokesperson for Magnum Hunter Resources said the company intends to also increase the number of wells in the Appalachia region.
The company has plans to dig about 20 new wells this year throughout many areas of Ohio and West Virginia, including Monroe, Noble, Washington, Tyler and Pleasants counties.
"What we're drilling are deeper horizontal Marcellus and Utica wells. A shallow well might cost less than a million dollars, while our wells are $8 million. Plus, the volume of those wells is eight to ten times," said Gary Evans, CEO of Magnum Hunter Resources.
Jim Denny, the president of Triad Hunter, said Magnum Hunter chose to invest more than half of its resources in the Appalachian region to take advantage of its liquid resources.
"We've built a number of wells in the valley. We've opened up a whole new liquids-rich Marcellus area which has brought mineral owners great wealth in the area," he said.
As the oil and gas company pursues its plans to dig new wells, it could likely create more jobs in the region. Evans said Magnum Hunter has already hired 40 employees since opening its new headquarters.
Marietta Mayor Joe Matthews said he is hopeful the company's presence will boost the local economy.
"Not only is this a great opportunity for the Mid-Ohio Valley, Washington County, but most especially Marietta, Ohio," said Matthews. "Also, with the business that can spur from this area here with restaurants and shops and everything."
Magnum Hunter Resources is active in Ohio, West Virginia, Kentucky, Texas, North Dakota and Canada.