Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade MHR now with 

Magnum Hunter Resources Corporation (MHR: Quote) 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: Quote) 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.

Click here to receive FREE breaking news email alerts for Magnum Hunter Resources Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month. Looking to capitalize on news of an Ebola diagnosis in New York City, Republican Senate candidate Scott Brown issued a statement Friday criticizing his Democratic opponent Sen. Jeanne Shaheen, D-N.H., for "waffling" on a travel ban. In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.