Sydney-listed Fremont Petroleum has completed the acquisition of 100% of Magnum Hunter Production, the operator of 1,300 conventional natural gas wells in Kentucky, Virginia and Tennessee, it said on March 31. 

The effective acquisition date was February 26 and Fremont will recognise Magnum’s revenue from this date as opposed to March 9 when the deal was first announced, the company said. 

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“Magnum is performing well as part of Fremont and production gains are already materialising with daily production of natural gas, NGLs and crude oil tracking well above what was reported on March 9, 2021,” Fremont said.  

CEO Tim Hart said that early production gains are exceeding the company’s expectations. “Our team is now focused on aggressively increasing revenue from the broader lease portfolio and delivering improved margins through numerous cost savings identified and by negotiating more favourable contract terms.”