Huston-based Magnum Hunter Resources has confirmed it’s decision to sell it’s remaining Canadian assets to concentrate on the US Marcellus and Utica shales.
The company announced today the decision to sell 100% of its ownership interest in the Company’s Canadian subsidiary – whose assets consist primarily of oil and gas properties located in the Tableland Field in Saskatchewan, Canada – to an unnamed Canadian private company.
The assets sold include 52,520 gross (49,470 net) acres located in Saskatchewan, Canada with 84 gross producing wells and approximately 630 Boe per day of current net production.
Magnum Hunter previously sold its Alberta, Canada oil and gas properties in April 2014. The Company’s sale of its Canadian subsidiary will complete Magnum Hunter’s goal of exiting and divesting all of the Company’s Canadian assets.
The Company continues to evaluate its existing asset base and believes that a focus on core assets, such as its Marcellus Shale and Utica Shale properties, is essential for the success of its future business plans.
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