Magnum Hunter Resources Corp. (NYSE:MHR) entered into an asset purchase agreement to acquire 1,700 net mineral acres located in Monroe County, Ohio, and Wetzel County, West Virginia from Ormet Corporation for $22.7 million on June 18, 2014. Under the same agreement, Magnum has also acquired an approximate 100% net revenue interest in the balance of the mineral rights to this acreage which will also include the Utica Shale formation. As of June 30, 2014, a deposit of $2.5 million was made from the total purchase price. On July 1, 2014, the U.S. Bankruptcy Court of Delaware gave approval to proceed with the transaction.

Magnum Hunter Resources Corp. (NYSE:MHR) completed the acquisition of 1,700 net mineral acres located in Monroe County, Ohio, and Wetzel County, West Virginia from Ormet Corporation on July 24, 2014.