Magnum Hunter Resources Announces $25 Million Acquisition of Utica Shale Properties
Magnum Hunter Resources Corporation (NYSE: MHR) announced today that its wholly-owned subsidiary, Triad Hunter, LLC ("Triad Hunter"), has closed on the acquisition of leasehold mineral interests located predominately in Noble County, Ohio (the "Utica Acreage") from an undisclosed seller for a total purchase price of $24.8 million.
The Utica Acreage consists of approximately 15,558 gross (12,186 net) acres predominately located in Noble County, Ohio. The net price paid per acre for this acquisition was $2,037 The majority of the leasehold acreage acquired in this transaction is held by shallower production. The purchase includes all depths of 300 feet below the top of the Queenston Formation down to all further depths. There is no associated shallow production included with this acquisition. There is a possibility of a second closing on another block of similar acreage that may occur on or before April 16, 2012, assuming the Seller can satisfy certain title deficiency requirements.
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