Magnum Hunter Resources Spike 5% After Selling Shale Gas Properties For $401 Mln


Shutterstock photo

Magnum Hunter Resources ( MHR ) shares have spiked almost 5% after the company announced late Tuesday that it has agreed to sell its Eagle Ford shale oil and gas properties in Gonzales and Lavaca counties in Texas for $401 million.

The buyer was a unit of Penn Virginia Corp ( PVA ), which will pay 90% of the total in cash, with the option of paying for the remaining 10% either in cash or stock.

Magnum Hunter said it will use the proceeds to reduce debt and for general corporate purposes.

The shares are trading up $0.22 at $4.03, within a 52-week range of $3.29 to $6.45. Penn Virginia is down 0.3% at $3.89.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: MHR , PVA

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by