Magnum Hunter to acquire Appalachian Basin properties for $106.7M

theflyonthewall.com

Magnum Hunter Resources announced that Triad Hunter, LLC, a wholly-owned subsidiary of the vompany, has entered into a definitive purchase agreement to acquire 100% of the stock of privately-held Viking International Resources Co., Inc., or Virco, for a purchase price of approximately $106.7M. The transaction, which is subject to customary closing conditions, is expected to close on or about Nov. 2, 2012, with an effective date of Jan. 1, 2012. Current net production from the producing assets associated with this acquisition is approximately 475 barrels of oil equivalent per day, or boe/d, with a very low decline rate. Total estimated proved reserves are 3.7M boe as of Jan. 1, 2012.

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