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June 23, 2014
07:09 EDTMHRMagnum Hunter announces joint development venture
Magnum Hunter Resources announced the formation of a new joint venture under a Joint Operating Agreement with EM Energy Ohio. The contract area covers an existing mineral leasehold position currently owned by both companies which includes collectively approximately 1,080 net acres in the Marcellus Shale and Utica Shale Formations located in Washington County, Ohio. Terms of the new Agreement include Magnum Hunter's wholly-owned subsidiary, Triad Hunter, and EdgeMarc, collectively working together within the contract area on two units in Washington County, Ohio, the Merlin Pad and the Haynes Pad. Later this year, the company said it will spud the Haynes Pad, which includes approximately 460 mineral acres in an area where both the Marcellus and Utica shales should be productive. Magnum Hunter and EdgeMarc plan to initially drill one Marcellus and one Utica Shale well on this pad later this year.
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