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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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March 2, 2015
09:22 EDTMHROn The Fly: Pre-market Movers
UP AFTER EARNINGS: Amira Nature Foods (ANFI), up 8.6%... Stratasys (SSYS), up 3.6%... Magnum Hunter (MHR), up 3%. ALSO HIGHER: Mavenir Systems (MVNR), up 19.1% after Mitel (MITL) agrees to acquire Mavenir Systems for $560M... Athersys (ATHX), up 19.7% following license agreement and collaboration with Chugai... OHR Pharmaceutical (OHRP), up 11.4% following additional positive data from OHR-102 IMPACT study... NXP Semiconductors (NXPI), up 14% following merger agreement with Freescale Semiconductor (FSL). Freescale Semiconductor is up 9.1%... Mast Therapeutics (MSTX), up 7.7% following positive results from Vepoloxamer study. DOWN AFTER EARNINGS: JinkoSolar (JKS), down 4.7%... Scorpio Tankers (STNG), down 4.5%. ALSO LOWER: Lumber Liquidators (LL), down 24.2% following CBS' 60 Minutes says that the company is linked to health and safety violations... Aruba Networks (ARUN), down 1.7% after HP (HPQ) confirms deal to acquire Aruba Networks for $24.67... Pacira Pharmaceuticals (PCRX), down 14.4% after receiving complete response letter from FDA for sNDA in use of Exparel... 500.com (WBAI), down 14.4% after announcing that temporary suspension will adversely impact financial results.
07:13 EDTMHRMagnum Hunter to reevaluate CapEx budget on quarterly basis
Magnum Hunter's upstream capital expenditure budget forFY15 is $100M, but it intends to reevaluate this budget on a quarterly basis. The company's upstream capital expenditure budget may be reduced or increased depending on realized prices for our natural gas, natural gas liquids and oil, investment opportunities, continued effective implementation of cost reduction initiatives, including reduction of oil and gas field service costs, and funding allocations. The company has allocated approximately $70M of its upstream capital expenditure budget to its Marcellus Shale and Utica Shale exploration and development drilling program in West Virginia and Ohio, approximately $10M to its properties in the Williston Basin/Bakken Shale in North Dakota and approximately $20M for additional leasehold acreage acquisitions in the Marcellus Shale and Utica Shale plays.
07:12 EDTMHRMagnum Hunter reports Q4 adjusted EPS (24c), consensus (21c)
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February 20, 2015
07:01 EDTMHRMagnum Hunter completes testing of new wells on WVDNR Pad
Magnum Hunter announced that the company's four new 100% owned WVDNR Pad wells located in Wetzel County, West Virginia have all been recently placed on production after several weeks of testing. Currently, all seven of the company's 100% owned Marcellus Shale wells, which included three previously shut-in wells, on the WVDNR Pad are flowing to sales. The WVDNR Pad is currently producing approximately 35 MMcfe per day.
February 17, 2015
07:18 EDTMHRMagnum Hunter approves $100M upstream capital expenditure budget for FY15
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