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

By: MT Newswires
Posted: 4/3/2013 10:32:00 AM
Referenced Stocks: MHR;PVA

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.