Energy Hunter Resources Announces Flow Rate On The Gap Band #2H Well In The Eagle Ford Shale Of Karnes County, Texas

IRVING, Texas, Jan. 10, 2018 /PRNewswire/ -- Energy Hunter Resources, Inc., an exploration and production company headquartered in Irving, Texas (www.energyhunter.energy), announced today that the Gap Band #2H well located in Karnes County, Texas reached a peak 24-hour flow rate of 1,322 Boe per day from a 3,855 foot lateral drilled and completed in the Eagle Ford shale.  The well is currently producing approximately 900 barrels of oil per day and 2,594 Mcf per day (approximately 68% liquids).

The Gap Band #2H well has been online since January 1, 2018 and is producing on a 18/64 choke.  The Gap Band #2H 3,855 foot lateral was completed with 21 frac stages and placed approximately 2,990 pounds of sand per lateral foot.

Gary C. Evans, Chairman and Chief Executive Officer of Energy Hunter Resources said, "The Gap Band #2H is presently exceeding our initial type curve projections and is the first well of an ultimate seven well Eagle Ford drilling program.  Our management team's previous work experience in the Eagle Ford shale, combined with our strategic lease acreage position located in Karnes County, Texas, one of the top oil producing counties in the State of Texas by volume, all contributed to this initial success. We currently plan to drill two additional horizontal Eagle Ford wells and a minimum of two horizontal San Andres wells this calendar year."

"Evans continued, "After nearly a three year downturn in the energy industry, we are finally starting to see our sector begin to recover and stabilize as commodity prices continue to improve. The combination of WTI oil now trading over $60 per barrel, our total drilling and completion costs for this first Eagle Ford shale well at $5.5 million, and utilizing our current estimated production curve, should generate an internal rate of return on this well exceeding 100%.  We now plan to commence workover and drilling operations on our first San Andres property acquisition over the next few months.   This 9,413 gross acreage position was acquired on December 4, 2017 and allows infill drilling of up to 45 new horizontal wells."

About Energy Hunter Resources, Inc.

Energy Hunter Resources, Inc. is an independent oil company headquartered in Irving, Texas with a mission to own and operate properties within some of the most prolific resource plays in the United States.  Focusing on the Permian Basin and the Eagle Ford shale regions, our aim is to create substantial shareholder value through a balanced program of acquisitions and low-risk development and exploitation opportunities utilizing horizontal drilling and fracture stimulation technology.

Forward-Looking Statements

Energy Hunter Resources, Inc. can give no assurance that such expectations will prove to be correct.  All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Factors that could cause the company's actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: The success of the company's exploration and development efforts; the price of oil, gas and other produced gasses and liquids; the worldwide economic situation; changes in interest rates or inflation; the ability of the company to transport gas, oil and other products; the ability of the company to raise additional capital, as it may be affected by current conditions in the stock market and competition in the oil and gas industry for risk capital; the company's capital costs, which may be affected by delays or cost overruns; cost of production; environmental and other regulations, as the same presently exist or may later be amended; the company's ability to identify, finance and integrate any future acquisitions; and the volatility of the company's stock price.  You are urged to carefully review and consider the cautionary statements and other disclosures.  Forward-looking statements speak only as of the date of the document in which they are contained, and Energy Hunter does not undertake any duty to update any forward-looking statements except as may be required by law.

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SOURCE Energy Hunter Resources, Inc.