MHRC on the OTC market Message Board

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Gold/Mining/Energy : MHRC on the OTC market

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From: JakeStraw	4/8/2011 9:07:51 AM
	of 188

Magnum Hunter Resources Announces Acquisition of $20 Million in Marcellus Shale Properties finance.yahoo.com Mr. Gary C. Evans, Chairman and Chief Executive Officer of Magnum Hunter, commented, "Today's acquisition announcement represents another 'bolt on' acquisition in one of our Company's three liquids rich unconventional resource play regions. We consider the Marcellus Assets acquired to be accretive to shareholders and will further expand our footprint in West Virginia. Triad Hunter previously acquired the 50% operated interest associated with these properties in December 2010. Beginning with our entry into the Appalachia with our first acquisition (Triad Hunter) in February 2010, the Company's overall presence in the Appalachian Basin has been steadily increasing. We plan to continue to be one of the most active drillers in northwestern West Virginia. Furthermore, we have made the financial commitments in the midstream area of gathering and processing to realize the greatest value possible from each molecule of natural gas produced. The Marcellus Assets acquired with this transaction are within close proximity to our Eureka Hunter pipeline system and planned expansions to this system currently in progress."

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