Magnum Hunter Resources Corporation has executed a definitive agreement with a Canadian private company to sell 100% of its ownership interest in the Company's Canadian subsidiary, whose assets consist primarily of oil and gas properties located in the Tableland Field in Saskatchewan, Canada, for a purchase price of $75 million (Canadian -- or approximately $67.5 million (US) at the current exchange rate), subject to customary purchase price adjustments with an effective date of March 1, 2014.
The transaction is expected to close on or about May 12, 2014. The closing is subject to the satisfaction of customary closing conditions. As announced earlier, Magnum Hunter previously sold primarily all its Alberta, Canada oil and gas properties in April 2014. The Company's sale of its Canadian subsidiary will complete Magnum Hunter's goal of exiting and divesting all of the Company's Canadian assets.