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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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August 22, 2014
15:49 EDTMHRMagnum Hunter files to sell 23.57M shares of common stock for holders

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