Magnum Hunter Resources Corporation has entered into a definitive agreement to sell all of its ownership interests in the Company's Eagle Ford Shale oil and gas properties in Gonzales and Lavaca Counties of South Texas to a wholly-owned subsidiary of Penn Virginia Corporation (NYSE: PVA) ("Penn Virginia") for a total purchase price of $401 million. The effective date of the sale will be January 1, 2013.

The transaction has been structured as a sale by Magnum Hunter of its 100% stock ownership interest in a wholly-owned subsidiary, Eagle Ford Hunter, Inc. Of the properties to be sold to Penn Virginia, there exists approximately 19,000 net mineral acres in this entity along with 49 producing wells, 7 wells drilled and in the completion stage and 4 wells currently drilling.

Tags: Magnum Hunter Resources Corporation