Magnum Hunter (AMEX:MHR), DCP (NYSE:DPM) in Natural Gas Joint Venture

Magnum Hunter Resources Corporation (AMEX:MHR) and DCP Midstream Partners, LP (NYSE:DPM) announced they're forming a natural gas joint venture in Ohio and West Virginia.

Each company will hold a 50 percent stake in the new company named Gathering JV.

To get the project going they're going to spend a combined $35 million, with DCP contributing $22.5 million and Magnum the other $12.5 million.

At closing DCP will also pay Magnum another $5 million for specific rights of way which are provided by Magnum, but beyond the original scope of the investment.