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Magnum Hunter Resources reports divestiture of certain non-core assets in Divide County, North Dakota for USD23.05m.

M2 EQUITYBITES-October 1, 2014-Magnum Hunter Resources reports divestiture of certain non-core assets in Divide County, North Dakota for USD23.05m

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US-based independent exploration and production company Magnum Hunter Resources (NYSE:MHR) (NYSE MKT:MHR.PRC) (NYSE MKT:MHR.PRD) (NYSE MKT:MHR.PRE) disclosed on Tuesday the sale of certain non-core and non-operated working interests in oil and gas properties located in Divide County, North Dakota for USD23.05m in cash.

This sale, with an effective date of 1 April 2014, was executed between the company's wholly-owned subsidiary Bakken Hunter and an affiliate of Formation Energy (the buyer).

Currently, the divested assets account for about 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.

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Date:Oct 1, 2014
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