Magnum Hunter Continues Divestiture Program
|Tuesday, October 15, 2002
Magnum Hunter Resources is continuing its effort to high-grade the Company's portfolio of oil and gas properties after completing the acquisition of Prize Energy Corp. on March 15, 2002. Based upon sales completed to-date and negotiations currently in progress on additional property divestitures, total proceeds from the sale of certain non- core assets that predominantly come from the former Prize Energy Corp. portfolio, should approximate $100 million by fiscal year-end. All proceeds received to-date (approximately $60 million) have been used to retire existing bank indebtedness.