Magnum Hunter unit to buy Bakken assets from Baytex
Bakken Hunter LLC, a subsidiary of Magnum Hunter Resources Corp., closed a $312 million acquisition of Baytex Energy Corp.’s nonoperated interests in North Dakota. Baytex noted that North Dakota remains part of its asset base.
The assets sold represented 45% of Baytex’s North Dakota net acreage and 40% of its current US production. Baytex is based in Calgary.
“There is no change to our plans to drill approximately 20 to 25 gross (approximately 10 net) wells on our Bakken/Three Folks play in North Dakota this year,” Baytex said, adding that it operates almost all of the remaining lands in its US business unit.
Bakken Hunter bought assets that produced 950 boe/d of light oil production based on first-quarter field estimates. The transaction involved 149,700 gross (50,400 net) acres of which 24% is developed, Baytex said.
As of Dec. 31, 2011, the assets were estimated to have proved reserves of 12.4 million boe (8% natural gas) and proved plus probable reserves of 17.9 million boe (8% gas). Baytex said 10% of the proved plus probable reserves are developed and producing.
Paula Dittrick | Senior Staff Writer
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.