Magnum Hunter Resources (NASDAQ: MHR) has announced an agreement to sell non-core, undeveloped Utica shale acreage in West Virginia for $40.8 million. The sale of approximately 5,210 unproven acres is expected to close on May 28.

Sale ‘Made Sense’

According to Magnum Hunter CEO Gary Evans, the sale of the property made financial sense for the company. “The undeveloped properties to be sold pursuant to the agreement announced today are deemed non-core to Magnum Hunter and were not in our long-term drilling plan for this immediate area. Additionally, with lease expirations on the horizon on a large portion of this acreage, it made sense to sell these properties now to an industry competitor that already owns adjacent leases,” Evans explained in a press release.

Drop In The Bucket

The sale of the Tyler County, West Virginia property barely made a…

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