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News Breaks | | | | February 28, 2013 | | 17:29 EDT |  | MHR | Magnum 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. | |
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News For MHR From The Last 14 Days Check below for free stories on MHR the last two weeks. |
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| May 14, 2013 | | 07:16 EDT |  | MHR | Citigroup to host a conference
2013 Global Energy & Utilities Conference is being held in Boston on May 14-16. | | | May 8, 2013 | | 11:41 EDT |  | MHR | High option volume stocks: MHR FIO DSS NBL WBMD
 Subscribe for More Information | | | May 7, 2013 | | 08:28 EDT | | MHR | Magnum Hunter subsidiary announces acquisition of new drilling rig for the Utica
Magnum Hunter announced that the company's wholly-owned subsidiary, Alpha Hunter Drilling has taken possession of a new Schramm T500XD robotic drilling rig. The company plans to utilize the Schramm T500XD drilling rig to drill exclusively company owned wells planned in the Utica formation located in Southeastern Ohio for the next three years. With the addition of this new drilling rig, Alpha Hunter's fleet has now grown to five rigs. | |
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