Magnum Hunter Resources Corporation reported that its wholly-owned subsidiary, Triad Hunter, has closed on the acquisition of leasehold mineral interests located predominately in Noble County, Ohio from an undisclosed seller for a total purchase price of $24.8 million.

The Utica Acreage consists of approximately 15,558 gross (12,186 net) acres predominately located in Noble County, Ohio. The net price paid per acre for this acquisition was $2,037. The majority of the leasehold acreage acquired in this transaction is held by shallower production. The purchase includes all depths of 300 feet below the top of the Queenston Formation down to all further depths.

There is no associated shallow production included with this acquisition. There is a possibility of a second closing on another block of similar acreage that may occur on or before April 16, 2012, assuming the Seller can satisfy certain title deficiency requirements.

Tags: Magnum Hunter Resources Corporation