STATE COLLEGE, Pa., Jan 2, 2013 – Eclipse Resources I, LP (“Eclipse Resources”) announced today the execution of a joint operating agreement (“JOA”) with Magnum Hunter Resources Corporation (NYSE: MHR) (“Magnum Hunter”) covering certain areas of Eclipse Resources’ Utica Shale and Marcellus Shale acreage in Monroe County, Ohio.
Under the terms of the JOA, Magnum Hunter will serve as operator through its wholly-owned subsidiary, Triad Hunter, LLC (“Triad Hunter”). Eclipse Resources and Magnum Hunter expect to drill twelve horizontal Marcellus Shale wells and twelve horizontal Utica Shale wells over the next three years investing approximately $200 million during that time period. Eclipse and Magnum Hunter will be equal partners in the drilling.
Benjamin W. Hulburt, President and CEO of Eclipse Resources, commented, “We are very excited to be forming this partnership with Magnum Hunter, a well respected company and operator in the Appalachian region. This arrangement will allow both companies to efficiently develop our acreage in the area through multi-well drilling pads, reducing our footprint and environmental impact in the area. Furthermore, the access to Magnum Hunter’s new pipeline system Eclipse gains through this JOA is highly advantageous.”
About Eclipse Resources
Eclipse Resources is a State College, Pennsylvania based oil and gas company focused on the acquisition, exploration and development of unconventional oil and natural gas properties in the Appalachian Basin, including the Marcellus Shale, Utica Shale and Upper Devonian Shales. Founded in 2011 in partnership with EnCap Investments, Eclipse Resources follows the success of the management team’s proven track record in building successful oil and gas enterprises. For more information, please visit www.eclipseresources.com.
About EnCap Investments
Since 1988, EnCap has been the leading provider of private equity to the independent sector of the U.S. oil & gas industry. The firm has raised 15 institutional oil and gas investment funds totaling approximately $11 billion and currently manages capital on behalf of over 200 U.S. and International investors. EnCap professionals represent more than 250 years of experience in the energy finance and investment business and have established a reputation as an innovative, “value-added” source of private capital to the independent sector. EnCap has a proven track record having successfully invested with approximately 175 upstream and midstream oil & gas companies. For more information, please visit www.encapinvestments.com.