The assets to be sold include 50,414 net mineral acres located in Divide County, North Dakota, which would expand Magnum Hunter’s total Williston Basin reach to over 125,000 net acres.

Bakken Hunter which currently owns a non-operated 10% working interest in the assets, will increase its non-operated working interest to 47.5% post sale.

The properties total proved reserves are estimated at 8.6 million barrels of oil equivalent; and current production is about 1,295 BOPD, with 350 BOPD to be recovered from wells recently drilled on the site.

Pursuant to the joint operating agreement, Samson Resources Company, the operator of the properties has the option to participate in the acquisition.

Magnum Hunter also made plans to raise $225m and increase capital expenditures by $50m in the Williston Basin region.

Citigroup Global Markets, Credit Suisse, BMO Capital Markets Corp, UBS Securities, and Capital One National Association have granted a $450m to fund the acquisition, which is expected to close on 22 May 2012, subject to regulatory transaction conditions.

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