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Magnum Hunter Closes Williston Basin Properties

Source: www.gulfoilandgas.com 12/27/2012, Location: North America

Magnum Hunter Resources Corporation (Magnum Hunter or the Company) announced that on December 20, 2012, Bakken Hunter, LLC, a wholly-owned subsidiary of the Company, closed on its agreement previously announced by the Company on November 26, 2012 to acquire certain existing wells and approximately 20,000 net Williston Basin lease acres located in Divide County, North Dakota from Samson Resources Company. The purchase price for the assets was $30 million in cash, subject to customary adjustments. The effective date of the transaction was August 1, 2012.

With the closing of this transaction, the Company owns varied working ownership interests in these properties up to approximately 100%. The acquisition established the Company as an operator in this Bakken acreage, covering four Townships and Ranges in Divide County, North Dakota which were previously operated by Samson Resources Company. Drilling in this region during 2013 is expected to utilize a greater share of the capital budget for this Division. In addition to the acreage acquired, the Company has acquired approximately 310,000 barrels of oil equivalent of proved developed producing reserves and approximately 192 net barrels of oil equivalent production per day.

As a result of this acquisition, the Company now owns a total of approximately 180,000 net acres in the Williston Basin (45% operated).

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