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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.
News For MHR From The Last 14 Days
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May 28, 2015
07:18 EDTMHRMagnum Hunter downgraded to Hold from Buy at Canaccord
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May 26, 2015
08:11 EDTMHRMagnum Hunter subsidiary to sell leasehold acreage in West Virginia
Magnum Hunter Resources announced that Triad Hunter, a wholly-owned subsidiary of the Company, has entered into a definitive agreement to sell certain non-core undeveloped and unproven leasehold acreage located in Tyler County, West Virginia to an independent exploration and production company. The total sales price is based on a specified dollar amount per net leasehold acre, subject to adjustments to take into consideration the remaining primary terms of the underlying leases and payments required to extend the underlying leases to their maximum available primary terms and customary adjustments for any title defects. The Company anticipates that the net proceeds it will receive from the sale of the Properties will be approximately $40.8M after taking into account the adjustments related to the primary terms of the underlying leases and lease extension costs, but exclusive of adjustments for any title defects. Pursuant to the definitive agreement, the Company has the right, following the closing, to cure any title defects. The sale is scheduled to close on May 28, and is subject to customary closing conditions. The Properties to be sold consist of ownership interests in approximately 5,210 net leasehold acres.
May 18, 2015
07:57 EDTMHRTopeka highlights potential E&P takeover targets
Topeka continues to believe that the E&P companies most likely to be acquired are situated in the core areas in the Permian, Eagle Ford, Bakken, Niobrara and Marcellus/Utica. The firm highlights Cabot Oil & Gas (COG), Energen (EGN), Diamondback Energy (FANG), Gulfport Energy (GPOR), Laredo Petroleum (LPI), Magnum Hunter (MHR) and Oasis Petroleum (OAS) as potential takeout targets. It keeps Buy ratings on all the stocks named.
May 14, 2015
10:00 EDTMHROn The Fly: Analyst Downgrade Summary
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07:27 EDTMHRMagnum Hunter downgraded to Hold from Accumulate at KLR Group
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