HOUSTON-Following up on an announcement in April, locally based Magnum Hunter Resources has closed on the sale of its energy properties in the Eagle Ford Shale's Gonzales and Lavaca counties for $401 million. According to the Houston Business Journal, Penn Virginia Corp. of Radnor, PA, acquired the properties for $361 million in cash and $40 million in Penn Virginia common stock.
The sale included the transfer of 19,000 leasehold acres and Magnum Hunter's operating and non-operating interest in wells located in Gonzales and Lavaca counties. The article notes Magnum used the cash to repay outstanding borrowings under a senior revolving credit line and for general corporate purposes.
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