Magnum Hunter sells mineral rights in the Eagle Ford Shale in cash-and-stock transaction worth $401 million.
Houston-based Magnum Hunter Resources has sold its properties in the Eagle Ford Shale?s oil-rich Gonzales and Lavaca counties for $401 million.
A wholly owned subsidiary of Radnor, Pa.-based Penn Virginia Corp. (NYSE: PVA) made the purchase for $361 million in cash and $40 million in Penn Virginia common stock. The transaction closed during the second quarter.
The properties involved in the sale included 19,000 leasehold acres and Magnum Hunter?s operating and non-operating interests in wells in Gonzales and Lavaca counties.
After the transaction, Magnum Hunter still owns 7,000 Eagle Ford Shale leasehold acres, primarily in Fayette, Lee and Atascosa counties.
Magnum used cash from the sale to repay all its outstanding borrowings under a senior revolving credit line and for general corporate purposes. The deal was announced in April.
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Sanford Nowlin covers energy/utilities, transportation/aviation and manufacturing.
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