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Stock Market & Financial Investment News

News Breaks
February 28, 2013
17:29 EDTMHRMagnum Hunter to delay filing Form 10-K
As previously disclosed in filings with the SEC, in October and November 2012, Magnum Hunter Resources identified material weaknesses in its internal controls over financial reporting in connection with its (i) lack of sufficient qualified personnel to design and manage an effective control environment, (ii) period-end financial reporting process and (iii) share-based compensation. The company devoted substantial time and effort to correcting the previously-filed financial statements and information that were impacted by these material weaknesses. Further, the company implemented, and continues to implement, measures that it believes will effectively address these weaknesses in the future. The implementation of these measures has entailed the substantial efforts of accounting staff and the use of external resources. Additionally, the company has devoted significant resources to preparing financial statements and information relating to the company and its subsidiaries for inclusion in the exchange offer for Senior Notes contemplated by the company's Registration Statement on Form S-4, which was declared effective by the SEC on February 7. The change in the company’s independent auditors, which occurred in July 2012, has resulted in a normal transition between accounting firms that has required the company to devote more resources to this transition. Therefore, additional internal controls and significant review of certain financial matters were required by the new auditors. The diversion of these resources has caused the company to be unable to compile all information necessary to prepare and file its Annual Report on Form 10-K for the year ended December 31, 2012 within the prescribed period (on or before March 1) without unreasonable effort or expense. The company anticipates that it will file its Annual Report on Form 10-K no later than March 18.
News For MHR From The Last 14 Days
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July 29, 2014
08:20 EDTMHRMagnum Hunter to host investor day with a conference call hookup
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July 25, 2014
07:04 EDTMHRMagnum Hunter acquires Ormet Mineral Interest in OH, WV for $22.7M
Magnum Hunter announced that it closed on the purchase of approximately 1,700 net mineral acres located in Monroe County, Ohio and Wetzel County, West Virginia for approximately $22.7M from the Ormet Corporation, et al. This acquisition will increase the company's net revenue interest on its existing 875 acre oil and gas lease located on the related acreage from approximately 86% to nearly 100% in the Marcellus Shale formation only. Under the same agreement, the company has also acquired an approximate 100% net revenue interest in the balance of the mineral rights to this acreage which will also include the Utica Shale formation. The company has previously drilled three Marcellus Shale wells on the existing oil and gas lease which have been producing rich natural gas and condensate since May 6. This mineral interest acquisition adds to the company's large drilling inventory of potential Marcellus and Utica Shale wells in these two counties of West Virginia and Ohio. The company is already drilling the vertical section of the first dry gas Utica Shale well on the Ormet 15 Pad. This well is expected to have an approximate lateral length of 4,800 feet with an anticipated 20+ stages of fracture stimulation treatment. The current development plan includes a total of 4 gross Utica Shale wells to be drilled, completed, and producing on this property by year-end 2014. The Eureka Hunter gas gathering system is already constructed and available for throughput once these wells are completed.

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