HOUSTON (AP) -- Magnum Hunter Resources is expanding its leasehold position in the Marcellus Shale and Utica Shale formations in Ohio.
Magnum said Wednesday that it entered a new joint operating agreement with privately held Eclipse Resources I LP. The deal covers an existing mineral leasehold position currently owned by both companies.
The agreement includes Magnum subsidiary Triad Hunter LLC and Eclipse drilling about 12 horizontal wells in the Marcellus Shale and 12 horizontal wells in the Utica Shale over the next three years.
On Friday Magnum appeared to back away from plans to sell its Eagle Ford Shale properties in Texas after seeing results from two wells.
Shares of Magnum Hunter Resources Corp., which is based in Houston, gained 10 cents, or 2.5 percent, to $4.09 in morning trading. The stock has traded in a range of $3.29 to $7.71 over the last year.
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- Marcellus Shale