Sale of certain oil and gas properties and leasehold mineral interests to Magnum Hunter Resources Corporation
Baird served as the exclusive financial advisor to PostRock
AboutPostRock Energy Corporation (NASDAQ: PSTR) (“PostRock” or the “Company”) recently announced that it has completed the sale of certain oil and gas properties and leasehold mineral interests located in Wetzel and Lewis Counties, West Virginia to Magnum Hunter Resources Corporation (NYSE Amex: MHR) (“MHR”). Consideration for the sale was comprised of 50% cash and 50% MHR common stock. PostRock will use the sale proceeds to repay debt secured by the subject assets.
PostRock is engaged in the acquisition, exploration, development, production and transportation of oil and natural gas primarily in the Cherokee Basin of Kansas and Oklahoma. The Company owns and operates over 2,800 wells and nearly 2,200 miles of gas gathering lines in the Basin. In addition, it owns 1,100 miles of interstate gas pipelines in Oklahoma, Kansas and Missouri.
Magnum Hunter Resources Corporation and subsidiaries are a Houston, Texas based independent exploration and production company engaged in the acquisition of exploratory leases and producing properties, secondary enhanced oil recovery projects, exploratory drilling, and production of oil and natural gas in the United States.
For additional information about this transaction, please contact:
- January 2011
- PostRock Energy Corporation
- Target Location
- North America
- Acquiror Location
- North America