Loading...
Loading...
Magnum Hunter Resources
Corporation
announced today a new Joint Operating
Agreement ("Agreement") with Eclipse Resources I, LP ("Eclipse"), a
privately-held company headquartered in State College, Pennsylvania.
The contract area covers an existing mineral leasehold position
currently owned by both companies in the Marcellus Shale and Utica
Shale Formations located in Monroe County, Ohio.
Terms of the new Agreement include Magnum Hunter's wholly-owned
subsidiary, Triad Hunter, LLC ("Triad Hunter") and Eclipse,
collectively working together within the contract area on an equal
and joint basis on approximately 1,950 net mineral acres with the
objective of drilling approximately twelve horizontal wells in the
Marcellus Shale and twelve horizontal wells in the Utica Shale over the next three years. It is estimated that the total combined capital
costs associated with this development effort in the contract area
will exceed $200 million. Triad Hunter has been designated Operator
within the contract area and each company will own approximately 47%
working interest under the Agreement. The balance of the working
interest within the contract area is owned by industry third parties.
Eclipse has also agreed to commit its share of production from the
contract area to a new pipeline system currently under construction
by Magnum Hunter's subsidiary, Eureka Hunter Pipeline, LLC.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in