HOUSTON, TX — (Marketwired) — 09/30/14 — Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE) (the “Company” or “Magnum Hunter”) announced today 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.”
Magnum Hunter Resources Corporation and subsidiaries are a Houston, Texas based independent exploration and production company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in the States of West Virginia, Ohio and North Dakota. The Company is presently active in three of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale and Williston Basin/Bakken Shale.
Magnum Hunter is providing a reminder that it makes available on its website (at ) a variety of information for investors, analysts and the media, including the following:
annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports as soon as reasonably practicable after the material is electronically filed with or furnished to the Securities and Exchange Commission;
the most recent version of the Company–s Investor Presentation slide deck;
announcements of conference calls, webcasts, investor conferences, speeches and other events at which Company executives may discuss the Company and its business and archives or transcripts of such events;
press releases regarding annual and quarterly earnings, operational developments, legal developments and other matters; and
corporate governance information, including the Company–s corporate governance guidelines, committee charters, code of conduct and other governance-related matters.
Magnum Hunter–s goal is to maintain its website as the authoritative portal through which visitors can easily access current information about the Company. Over time, the Company intends for its website to become a primary channel for public dissemination of important information about the Company. Investors, analysts, media and other interested persons are encouraged to visit the Company–s website frequently.
Certain information included on the Company–s website constitutes forward-looking statements and is subject to the qualifications under the heading “Forward-Looking Statements” below and in the Company–s Investor Presentation slide deck.
This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although Magnum Hunter believes that the expectations reflected in the forward-looking statements are reasonable, Magnum Hunter can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings made by Magnum Hunter with the Securities and Exchange Commission (SEC). Among the factors that could cause results to differ materially are those risks discussed in the periodic reports filed by Magnum Hunter with the SEC, including Magnum Hunter–s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, and its Quarterly Reports on Form 10-Q for the fiscal quarters ended after such fiscal year. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” Forward-looking statements speak only as of the date of the document in which they are contained, and Magnum Hunter does not undertake any duty to update any forward-looking statements except as may be required by law.
AVP, Investor Relations
(832) 203-4560