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Stock Market & Financial Investment News

News Breaks
February 12, 2014
08:33 EDTMDUMDU Resources unit to purchase Powder River Basin production assets
MDU Resources Group announced that its indirect wholly owned subsidiary, Fidelity Exploration & Production Company, agreed to purchase working interests and leasehold positions in oil and natural gas production assets in the southern Powder River Basin of Wyoming from undisclosed private sellers. The oil and natural gas properties, located in Converse County, Wyo., consist of primarily undeveloped mineral leasehold positions of approximately 41,000 gross acres and 23,700 net acres. The acquisition is expected to be accretive to 2014 EPS. The purchase also includes working interests in a number of producing wells and an ongoing two rig development drilling program targeting the heart of the prolific Frontier play. Current net production is more than 1,100 barrels of oil equivalent per day, 80% of which is oil, with additional production expected to be on line before closing. In addition to the Frontier, the acreage is prospective in multiple other zones that may significantly enhance its value. The effective date of the acquisition is Oct. 1, 2013, with the expected closing date to occur on or before April 1, 2014, conditioned upon completing a due diligence process, including environmental reviews, and satisfying other standard closing conditions.
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September 23, 2014
11:27 EDTMDUMDU Resources subsidiary receives imminent danger order from MSHA
On September 18, Connolly-Pacific, an indirect subsidiary of MDU Resources, received a written imminent danger order issued by the Mine Safety and Health Administration under section 107a of the Federal Mine Safety and Health Act of 1977 at the Pebbly Beach Quarry on Catalina Island, California. The imminent danger order was issued following observation of two miners not wearing fall protection on September 4. The miners were repairing a water line approximately 3 feet over the edge of a slope, which was located at the entrance road of the mine. The slope is approximately 32.8 degrees and 40 feet high. Upon observation, MSHA withdrew the miners from the slope pursuant to section 107a of the Act. The miners vacated the slope immediately and will utilize adequate fall protection when making further repairs to the damaged water line.

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