Penn Virginia spends $400M to purchase MHR's Texas shale assets

04/3/2013 | Rigzone

Magnum Hunter Resources has agreed to sell its producing and undeveloped assets in the Eagle Ford Shale in Texas to Penn Virginia for about $400 million. About 46 producing wells and 19,000 net mineral acres are covered in the transaction. "This is a transformational acquisition which will add significantly to our leasehold and drilling inventory in the Eagle Ford Shale play and is highly complementary to our existing operating areas where we and MHR have had very successful drilling results," said H. Baird Whitehead, Penn Virginia's president and CEO.

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