logo
Share SHARE
FONT-SIZE Plus   Neg

Magnum Hunter Unit To Buy Certain North Dakota Assets From Baytex Energy

Magnum Hunter Resources Corporation (MHR) said Wednesday that its wholly-owned subsidiary, Bakken Hunter, LLC, is acquiring certain Williston Basin oil and gas properties from an affiliate of Baytex Energy Corporation (BTE) for $311 million in cash. The deal is expected to close on or about May 22, 2012, with an effective date of March 1, 2012.

Magnum Hunter, which currently owns a non-operated 10% working interest in the properties to be acquired, will own up to a 47.5% non-operated working interest in the properties, after closing. Samson Resources Company, the operator of the properties, has the option under an existing area of mutual interest provision, to participate in the acquisition.

Upon completion of the deal and assuming Samson does not participate, Magnum Hunter would buy 50,414 net mineral acres located primarily in Divide County, North Dakota, which would expand Magnum Hunter's total Williston Basin position to over 125,000 net acres.

Total proved reserves attributable to the properties being acquired are estimated at 8.6 million BOE and are about 93% oil.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Ford Motor Co. has announced a safety recall for about 680,000 vehicles, mainly in North America, to fix faulty seat belts that may not hold people in the event of a crash. The recall, primarily for mid-size sedans, includes about 650,000 Ford Fusion vehicles manufactured between 2013 and 2016 and Lincoln MKZ produced between 2013 and 2015. Apple Inc. has confirmed its interest in autonomous vehicle technology, saying it is excited about the potential of automated systems in many areas, including transportation. In a letter to the National Highway Traffic Safety Administration, Steve Kenner, Apple's director of product integrity, said that the tech giant looks forward to collaborating with the regulator and other stakeholders. Japanese electronics maker Panasonic Corp. is in talks to buy Austrian headlight manufacturer ZKW Group GmbH, Nikkei business daily reported Monday, citing a person familiar with the matter. As per the report, both companies could reach a basic agreement as early as this month for a deal that could be worth up to $1 billion.
comments powered by Disqus
Follow RTT