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
Fresenius Kabi announced it has agreed to acquire Akorn (AKRX), a U.S.-based manufacturer and marketer of prescription and over-the-counter pharmaceutical products, for approximately $4.3 billion, or $34.00 a share, plus the assumption of approximately $450 million of debt. Akorn's largest shareholder,... Uber has been reportedly tracking user's phones, even after deleting the app. However, the company now assured that it would not continue with such tracking anymore. Qatar Airways will launch long-haul flights to twelve new destinations in 2018, including direct flights to Wales in the UK and San Francisco in the U.S. Qatar Airways plans to start direct flights to San Francisco in early 2018 as part of its growth strategy. The move comes even as the carrier's Dubai-based rival Emirates Airlines said last week that it will cut flights to five cities in the U.S.
comments powered by Disqus
Follow RTT