Magnum Hunter Resources (MHR) reported the purchase of additional leasehold in Ohio that is prospective for the Utica Shale formation.
Magnum Hunter Resources purchased approximately 15,558 gross or 12,186 net acres for $24.8 million, or a net price of $2,037 per acre. The acreage is located in Noble County, Ohio.
Magnum Hunter Resources said that the majority of the acreage was held by production from shallower formations.
Magnum Hunter Resources said that the acquired acreage is close to the company’s existing position in Washington and Noble Counties, and brings its total position prospective for the Utica Shale to 23,214 gross or 17,316 net acres.