Magnum Hunter Resources to Acquire Appalachian Basin Focused NGAS Resources for $98 Million

Magnum Hunter Resources Corporation (AMEX:MHR) enters into a definitive agreement to acquire Appalachian Basin focused NGAS Resources, Inc. (NASDAQ:NGAS) for approximately $98 million (USD) in common stock and assumed liabilities.

The press release is quoted as saying:

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. The Company is presently active in three of the “big five” emerging shale plays in the United States.

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