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
Health IQ Insurance Services, a startup focused on providing life insurance for health-conscious individuals, said it has secured $34.6 million in Series C funding, led by Andreessen Horowitz. To date, the company has raised a total of $81 million in funding mostly from its existing investors. General Motors Co. is recalling nearly 49,000 trucks worldwide to fix a fuel tank issue that can increase the risk of a fire. The recall covers Chevrolet Silverado 3500 and GMC Sierra 3500 trucks from the 2011 through 2015 model years, all equipped with dual fuel tanks. Meredith Corp. is reportedly in talks for the acquisition of Time Inc, with a staunch support from billionaire brothers Charles and David Koch. Des Moines-based Meredith is the publisher of Family Circle and Better Homes and Gardens and aims to acquire the publisher of Time, People and Fortune Magazines.
comments powered by Disqus
Follow RTT