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Friday, 11 July 2014 10:21

Magnum Resources purchases Ormet's mineral rights

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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

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