The three-year agreement by the Houston-based independent covers a swath of 1950 net acres already jointly owned by the companies in Monroe County, Ohio.
Capital costs are estimated at $200 million, the company said.
Magnum Hunter subsidiary Triad Hunter will be the operator under the agreement, with a 47% stake for each company and the remainder to an unnamed third party.
"Our geological interpretation of this area indicates the potential to yield not only high volume wells in the Utica Shale, but it is also located within the liquids-rich regime of the Marcellus Shale where Triad Hunter has already drilled two successful Marcellus wells immediately adjacent to these properties," James Denny, Triad president, said in a statement.
Eclipse
