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MHR > SEC Filings for MHR > Form 8-K on 6-Jun-2014All Recent SEC Filings

Show all filings for MAGNUM HUNTER RESOURCES CORP

Form 8-K for MAGNUM HUNTER RESOURCES CORP


6-Jun-2014

Other Events


Item 8.01 Other Events.

Magnum Hunter Resources Corporation (the "Company") is filing this Current Report on Form 8-K to report certain recent acquisitions of leasehold acreage in the total amount of 19,425 gross (15,228 net) located in the states of Ohio and West Virginia by the Company's wholly-owned subsidiary, Triad Hunter, LLC ("Triad"). In May 2014, Triad acquired specific oil and gas leases from certain landowners covering a total of approximately 7,225 gross (4,100 net) leasehold acres located in various areas including Washington, Noble and Monroe Counties, Ohio and Tyler, Ritchie and Wetzel Counties, West Virginia, for an aggregate purchase price of approximately $20.3 million (approximately $4,951 average per net leasehold acre). In addition, on June 5, 2014, Triad resumed the acquisition of leasehold acreage from MNW Energy, LLC ("MNW") pursuant to the Asset Purchase Agreement entered into by Triad and MNW in August 2013 (the "APA"), which provided for the sale by MNW to Triad of a total of approximately 32,000 net leasehold acres located in Washington, Noble and Monroe Counties, Ohio, via staggered closings. Triad was forced to discontinue closings of this leasehold acreage under the APA earlier this year due to certain litigation filed against MNW and Triad, which Triad asserted constituted a title defect with respect to the leasehold acreage covered by the APA. In the Company's Current Report on Form 8-K filed on May 29, 2014, the Company reported the settlement of this litigation on May 28, 2014 and that Triad intended to immediately resume closings of the acquisition of leasehold acreage from MNW under the APA. On June 5, 2014, pursuant to the APA, Triad acquired certain oil and gas leases from MNW covering a total of approximately 12,200 gross (11,128 net) leasehold acres located in various areas in Washington and Monroe Counties, Ohio, for an aggregate purchase price of approximately $45.9 million (approximately $4,125 average per net leasehold acre). To date, under the APA, Triad has now acquired a total of approximately 17,000 net leasehold acres from MNW, or approximately 53% of the approximately 32,000 total net leasehold acres anticipated under the APA.


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