There are lots of things that investors would like to see from Magnum Hunter Resources (NASDAQOTH:MHRCQ) and getting involved in a bidding war over Australian oil and gas producer Ambassador Oil & Gas is likely not one of them. Ambassador does have some large exploration licenses in one of Australia's most promising shale gas formations, and Magnum Hunter does already have a position there, but trying to outbid another Australian company for the rights to Ambassador doesn't seem to be in the best interest of Magnum Hunter today.

Find out why even though building a position in the Cooper Basin might be something worth revisiting down the road, Magnum Hunter should probably remained focused back here at home for now.