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Shale’s "next big play" draws Magnum Hunter to Australia

  • Australia has the most attractive shale gas prospects outside North America, according to Magnum Hunter Resources (MHR -0.5%), which says it has scoured the world looking for deposits of the gas that has revolutionized energy supply in the U.S.
  • The Cooper Basin, straddling the border of South Australia and Queensland states, also has lured investment from Chevron (NYSE:CVX) and BG Group (OTCQX:BRGYY, OTCQX:BRGXF) ahead of expected shortages of the fuel to feed more than $60B of liquefied natural gas projects in eastern Australia that will ship to Asia.
  • MHR recently agreed to become the largest shareholder of Australia's New Standard Energy, which will bring its technical expertise to its planned Cooper Basin exploration program.

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Magnum Hunter Resources Corp.