Magnum Hunter Resources Corporation announced 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.
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."