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Magnum Hunter Resources Announces Closing of Viking International Resources Acquisition

Magnum Hunter Resources Corporation (NYSE: MHR) announced today that, on November 2, 2012, Triad Hunter, LLC, a wholly-owned subsidiary of the Company, closed on the previously announced agreement to acquire 100% of the stock of privately-held Viking International Resources Co., Inc., or Virco, for a purchase price of approximately $106.7 million. The total consideration for this transaction was paid 65% (or approximately $69.4 million) in the form of a convertible preferred stock of the Company and 35% (or approximately $37.3 million) in cash.With the closing of this transaction, the Company acquired approximately 51,500 net Appalachian Basin mineral acres located in West Virginia and Ohio. This acreage position includes approximately 27,000 net acres in the liquids-rich Marcellus Shale, of which 19,000 are located in Ritchie County, West Virginia and 8,000 are located in Washington and Monroe Counties, Ohio. Additionally, the acreage position in Ohio includes approximately 9,000 net liquids-rich Utica Shale acres and more than 19,000 net dry Utica Shale acres. Approximately 98% of the total acreage position is held by shallow existing production or "HBP." The Company now has over 85,500 net

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Posted-In: News Guidance Contracts Management M&A Global

 

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