Magnum Hunter Resources
Corporation MHR (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT:
MHR.PRE) (the "Company" or "Magnum Hunter") announced today that Bakken
Hunter, LLC, a wholly-owned subsidiary of the Company, closed on the sale of
certain non-core and non-operated working interests in oil and gas
properties located in Divide County, North Dakota (the "Properties") to a
privately held company affiliated with Formation Energy L.P. The sales price
of the Properties was $23,051,320 in cash, after taking into account
customary purchase price adjustments, and was received by Magnum Hunter from
this sale today. The effective date of the transaction was April 1, 2014.
The Properties currently account for approximately 170 BOE of average daily
production, net to the ownership interest sold to the buyer, and consist of
a non-operated working interest in approximately 34,600 gross (2,852 net)
leasehold acres.
Management Comments
Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of
Magnum Hunter, commented, "The sale of this additional package of non-core,
non-operated properties located in North Dakota continues our stated game
plan and now increases our total divestitures so far this year to
approximately $125 million in gross proceeds. The proceeds of these
divestitures have been used to reduce our overall indebtedness and to fund
our growing operations in the Marcellus and Utica Shale plays of West
Virginia and Ohio. We anticipate the announcement of additional divestitures
of non-core assets, which we are currently negotiating, throughout the
remainder of the year."
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