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Stock Market & Financial Investment News

News Breaks
May 29, 2014
17:14 EDTMHRMagnum Hunter settles lawsuit filed by Dux Petroleum
Magnum Hunter Resources is filing this Current Report on Form 8-K to report that, on May 28, the company and its wholly-owned subsidiary, Triad Hunter, settled the lawsuit filed against them and certain other persons by Dux Petroleum. The other defendants in the Lawsuit, which included MNW Energy, have also settled with Dux. As part of the settlement, Dux has released the company and Triad from all claims asserted or that could have been asserted in the Lawsuit. As part of the settlement of the Lawsuit, and in order to avoid the continued expense and distraction of the Lawsuit, the company and Triad have agreed to collectively pay Dux the aggregate amount of $500,000, payable in three equal installments over the next three months. The other principal defendants in the Lawsuit have also agreed, in connection with the settlement of the Lawsuit, to collectively pay Dux an additional aggregate amount of $500,000, payable in similar installments. In view of the settlement of the Lawsuit, Triad intends to immediately resume closings of lease acquisitions from MNW under the APA, in accordance with the terms, provisions and conditions of the APA and the terms of the settlement agreement. Triad anticipates that the first such closing will occur on or before mid-June 2014.
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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.
July 14, 2014
07:08 EDTMHRMagnum Hunter reports mid-year proved reserves up 10.7% to 79.8 MMBoe
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