The company will acquire all of the seller’s operated working interest ownership in oil and gas mineral leases and 191 wells on about 15,500 gross acres located within four counties of the Williston Basin.
Gross production from these assets is about 833boe per day and total proved reserves attributable to the acquired properties are estimated at 2.6 million barrels of oil equivalent.
Magnum Hunter currently owns an approximate 47% working interest in these oil and gas assets.
Upon closing of this transaction, the company will increase its working interest in the properties to about 95%.
According to Magnum Hunter, the transaction is expected to be closed on or before 18 August 2011.
