UPDATE: Magnum Hunter up 7% on Deal to Sell Eagle Ford Shale Properties for $401 Mln

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Magnum Hunter Resources Corporation ( MHR ) has signed a definitive agreement to sell all of its ownership interests in the Eagle Ford Shale oil and gas properties in Gonzales and Lavaca Counties of South Texas to a wholly-owned subsidiary of Penn Virginia Corporation ( PVA ) for a total purchase price of $401 million.

Following the consummation of this transaction, the company will continue to own approximately 7,000 net mineral acres located in Fayette, Lee, and Atascosa Counties in South Texas.

MHR is up 6.6% at $4.06, trading in a 52-week range of $3.29 to $6.68.


PVA is down 0.5% at $3.88.



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

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


This article appears in: Investing , Commodities

Referenced Stocks: MHR , PVA

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