Magnum Hunter Sells Non-Core Assets In Divide County For $8,000/Acre -- September 30, 2014

Magnum Hunter subsidiary announces sale of certain non-core assets located in Divide County, North Dakota for ~$23.05 mln in cash: Co announced that Bakken Hunter, a wholly-owned subsidiary of the co, closed on the sale of certain non-core and non-operated working interests in oil and gas properties located in Divide County, North Dakota to a privately held company affiliated with Formation Energy L.P.

• The sales price of the Properties was $23,051,320 in cash, after taking into account customary purchase price adjustments, and was received by Magnum Hunter from this sale today. 
• The Properties currently account for ~170 BOE of average daily production, net to the ownership interest sold to the buyer, and consist of a non-operated working interest in ~34,600 gross (2,852 net) leasehold acres.

$23 million / 2,852 acres = $8,000/acre.

I can only imagine the negotiations when they got down to $23,051,315 and Magnum Hunter said -- $23,051,320 -- and buyer said, "Sold!"