Exploration & Production | Deals - Joint Ventures | Capital Markets | Private Equity Activity
Magnum Hunter, Eclipse Team Up for Marcellus, Utica Projects
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Magnum Hunter Resources Corporation has initiated a new Joint Operating Agreement with Eclipse Resources I LP, a privately-held company headquartered in State College, Pennsylvania. The contract area covers an existing mineral leasehold position currently owned by both companies in the Marcellus Shale and Utica Shale Formations located in Monroe County, Ohio.
Terms of the new Agreement include Magnum Hunter's wholly-owned subsidiary, Triad Hunter LLC and Eclipse, collectively working together within the contract area on an equal and joint basis on approximately 1,950 net mineral acres with the objective of drilling approximately twelve horizontal wells in the Marcellus Shale and twelve horizontal wells in the Utica Shale over the next three years.
It is estimated that the total combined…
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