Houston, TX-based Magnum Hunter Resources has sold a large chunk of its Bakken acreage for $84.7-million to an undisclosed buyer.
The deal, which closed in mid October of this year, included non-operated working interests in ~105,661 gross (12,500 net) leasehold acres in Divide County, ND. The divested properties currently account for net average production of ~720 boe/d.
According to company officials, total divestitures, including this one, have amounted to $210-million across Magnum Hunter's portfolio so far in 2014. In the second quarter of 2013, the company sold 19,000 net acres in the Eagle Ford to Penn Virginia for approximately $400-million. The deal was for the majority of the company’s Eagle Ford holdings.
Read more: Magnum Hunter Resources Completes Sale to PVA - Still Targeting Eagle Ford & Pearsall
Magnum Hunter's divestment strategy is designed to shift the company's focus to growth in the Marcellus Shale and Utica Shale in West Virginia and Ohio.