Magnum Hunter High Bidder on 3 Blocks in GOM Sale 180
|Friday, August 24, 2001
Magnum Hunter Resources, Inc. was the high bidder on three separate lease blocks at the Western Gulf of Mexico Federal Lease Sale 180 held August 22, 2001, in New Orleans, Louisiana. Magnum Hunter bid on the blocks with a 100% working interest. These blocks are generally located in less than 250 feet of water and near existing infrastructure. The prospects are all based on 3-D seismic. With this award, the Company will expand its OCS inventory to approximately 85 offshore blocks covering approximately 420,000 gross acres. Magnum Hunter's financial exposure, assuming all three blocks are ultimately awarded by the Minerals Management Service, is approximately $650,000.