Natural gas prices, which were as high as $14 per million British thermal units (mmBtu) in 2005, are slightly below $3 per mmBtu now.

The company also estimates output of about 9.5 million cubic feet equivalent per day (mmcfe/d) being curtailed after the company's wells in the Appalachia region were affected by a thunderstorm in June.

Houston-based Magnum Hunter, which continues to shift its focus to oil and liquids, said the closure of wells would reduce production by 1.7 mmcfe/d.

Share of the company were marginally down at $4.40 before the bell on Wednesday. They closed at $4.45 on the New York Stock Exchange on Tuesday.

(Reporting by Sunayan Bhattacharjee in Bangalore; Editing by Roshni Menon)