Magnum Hunter Resources Announces Closing of Williston Basin
Williston Hunter Becomes Operator in Bakken
HOUSTON, TX -- (Marketwire) -- 12/27/12 -- Magnum Hunter Resources
Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE
MKT: MHR.PRE) ("Magnum Hunter" or the "Company") announced today that
on December 20, 2012, Bakken Hunter, LLC, a wholly-owned subsidiary
of the Company, closed on its agreement previously announced by the
Company on November 26, 2012 to acquire certain existing wells and
approximately 20,000 net Williston Basin lease acres located in
Divide County, North Dakota from Samson Resources Company. The
purchase price for the assets was $30 million in cash, subject to
customary adjustments. The effective date of the transaction was
August 1, 2012.
With the closing of this transaction, the Company owns varied working
ownership interests in these properties up to approximately 100%. The
acquisition established the Company as an operator in this Bakken
acreage, covering four Townships and Ranges in Divide County, North
Dakota which were previously operated by Samson Resources Company.
Drilling in this region during 2013 is expected to utilize a greater
share of the capital budget for this Division. In addition to the
acreage acquired, the Company has acquired approximately 310,000
barrels of oil equivalent of proved developed producing reserves and
approximately 192 net barrels of oil equivalent production per day.
As a result of this acquisition, the Company now owns a total of
approximately 180,000 net acres in the Williston Basin (45%
About Magnum Hunter Resources Corporation
Magnum Hunter Resources Corporation and subsidiaries are a Houston,
Texas-based independent exploration and production company engaged in
the acquisition, development and production of crude oil, natural gas
and natural gas liquids, primarily in the states of West Virginia,
Kentucky, Ohio, Texas and North Dakota, and Saskatchewan, Canada. The
Company is presently active in five of the most prolific
unconventional shale resource plays in North America, namely the
Marcellus Shale, Utica Shale, Eagle Ford Shale, Pearsall Shale and
Williston Basin/Bakken Shale.
For more information about Magnum Hunter, please visit
Magnum Hunter Resources
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