YRPHeader2013fullrounded

Saturday, August 23rd, 2014
Current Time 5:52:49am
Friday, 11 July 2014 10:21

Magnum Resources purchases Ormet's mineral rights

Written by 

Texas-based company spent $22.3 million on Monroe, Wetzel County acreage

MONROE COUNTY, Ohio -- A major player in the Utica Shale has agreed to purchase the remaining mineral rights that once belonged to the Ormet Corporation.

Magnum Hunter Resources announced earlier this week that it spent $22.3 million to acquire drilling rights to the bankrupt aluminum producer's acreage in Monroe County, Ohio and Wetzel County, W. Va. The deal was confirmed in a Delaware bankruptcy court last week.

The acquisition adds to Magnum Hunter's core assets in southeast Ohio and northern West Virginia. The Texas-based exploration company has increasingly leaned on the Appalachian Basin to drive up production volumes, which now accounts for approximately 70% of its proved reserves.

Ormet filed for Chapter 11 bankruptcy protection in early 2013. Last month, the company sold its aluminum smelting plant in Hannibal to Niagara Worldwide, LLC.

Z. Daniel Barnett

Email This email address is being protected from spambots. You need JavaScript enabled to view it.
  • Free Text Alerts
  • Twitter Feeds
  • Facebook Links

Get Text Message Local News Alerts and Local HS Sports  Scores on Your Cell Phone!

YourRadioPlace.com will alert you to the latest breaking LOCAL news, weather school closings and local HS sports scores for all the games we broadcast via Text Messages to your cell phone or PDA! Sign up now for this FREE service! (Message and Data Rates May Apply - See details under read more link)

AVC Local News Alerts:   Text keyword: AVCNEWS to 41411
Local HS Sports Scores:  Text keyword: AVCSPORTS to 41411

Message and data rates may apply. To Opt-out text STOP to 41411. For more information text HELP to 41411.

Follow us on Twitter!

AVC News - Daily Local Headlines and Alerts

AVC Sports - Local HS Sports Scores

Popular Articles...