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Abraxas Petroleum Corp. Message Board

  • shavitmi shavitmi Dec 11, 2013 8:42 AM Flag

    MHR selling more eagle ford assets

    On December 8, 2013, Magnum Hunter Resources Corporation and certain of its affiliates (collectively, for purposes of this Item 1.01, "Magnum Hunter") entered into an Option Agreement with Pathfinder Onshore Energy Pty Ltd ("Pathfinder"), a privately held Australian company, granting Pathfinder or its nominee, a subsidiary of New Standard Energy Limited ("NSE"), an Australian Securities Exchange-listed Australian company, an option to acquire Magnum Hunter's remaining oil and gas properties and related assets in the Eagle Ford Shale in South Texas. The option is exercisable through January 21, 2014 and, if exercised, provides for the acquisition of such properties and assets pursuant to an already mutually agreed form of Purchase and Sale Agreement (the "PSA") for aggregate consideration of U.S. $15 million in cash and 65,650,000 ordinary shares of NSE valued, for purposes of the calculation of the purchase price, at approximately U.S. $9,500,000. Pathfinder paid Magnum Hunter an option fee of U.S. $75,000 that is nonrefundable but creditable at closing against the cash portion of the purchase price.

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