Magnum Hunter Resources Announces Closing of Williston Basin
Magnum Hunter Resources Announces Closing of Williston Basin Properties
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% operated).
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 www.magnumhunterresources.com.
Contact: Magnum Hunter Resources firstname.lastname@example.org (832) 203-4539