UPDATE 1-Magnum Hunter buys Utica acreage, shares up

Feb 17 (Reuters) - Magnum Hunter Resources Corp said its unit purchased acreage in Utica for $24.8 million from an undisclosed seller, sending its shares up as much as 7 percent.

The leasehold mineral interests mostly lie in Noble County, Ohio, close to the unit's existing assets. Magnum paid $2,037 per acre and acquired 15,558 gross acres.

"The acreage price compares favorably with recent acquisitions," brokerage MLV & Co wrote in a note to clients.

"Given Magnum Hunter's expanded credit facility and solid liquidity position, we believe this bolt on is a positive value addition for the company," it added.

The brokerage raised its rating on the company's stock by $2 to $9.

On Wednesday, the company expanded its senior bank credit facility and said it remains fully funded on its 2012 capital budget of $200 million.

Houston-based Magnum Hunter's shares, which have gained about 61 percent in the last three months, were trading up 4 percent at $7.19 on Friday morning on the New York Stock Exchange. They had touched a high of $7.45 earlier in the session.