19 Dec 2013securities registration● Neutral
MAGNUM HUNTER RESOURCES CORP filed the final prospectus for a registered offering.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Dec 2013debt financing● Neutral
Magnum Hunter replaced its long-running, many-times-amended bank facility with a fresh Third Amended and Restated Credit Agreement, still with Bank of Montreal, on largely similar terms and a $265 million starting borrowing base - a clean reset after eighteen amendments piled onto the old agreement since 2011.
13 Dec 2013securities registration● Neutral
MAGNUM HUNTER RESOURCES CORP filed the final prospectus for a registered offering.
11 Dec 2013material agreement▲ Good
Magnum Hunter granted Australia's Pathfinder Onshore Energy (a New Standard Energy subsidiary) an option to buy its remaining Eagle Ford Shale properties in Atascosa County, Texas for $15 million cash plus New Standard Energy shares - completing Magnum Hunter's exit from the Eagle Ford play it had entered years earlier and now sold off entirely following the larger Penn Virginia sale.
29 Nov 2013securities registration● Neutral
MAGNUM HUNTER RESOURCES CORP registered a securities offering with the SEC.
27 Nov 2013securities registration● Neutral
MAGNUM HUNTER RESOURCES CORP filed the final prospectus for a registered offering.
27 Nov 2013securities registration● Neutral
MAGNUM HUNTER RESOURCES CORP filed the final prospectus for a registered offering.
22 Nov 2013debt financing▲ Good
Magnum Hunter agreed to sell more North Dakota oil and gas properties - about 30,000 acres and 180 wells across four counties - to Enduro Operating for $45 million cash, continuing to shed North Dakota acreage acquired just eighteen months earlier in the big Baytex deal.
12 Nov 2013securities registration● Neutral
MAGNUM HUNTER RESOURCES CORP filed the final prospectus for a registered offering.
8 Nov 2013quarterly activities report▼ Bad
MAGNUM HUNTER RESOURCES CORP reported a quarterly net loss of $296.9 million for the period ended 2013-09-30.
8 Nov 2013quarterly activities report▼ Bad
MAGNUM HUNTER RESOURCES CORP reported a quarterly net loss of $296.9 million for the period ended 2013-09-30.
21 Oct 2013material agreement● Neutral
Magnum Hunter finalized the terms of the warrants issued as the August 2013 dividend - exercisable at $8.50/share from September 2014 (or once a registration statement is effective) through April 2016 - formalizing the arrangement announced weeks earlier.
18 Oct 2013substantial holder notice● Neutral
ICS Opportunities, Ltd, Cognizant Holdings, Ltd, Integrated Assets, Ltd, Millennium International Management LP, Millennium International Management GP LLC, Millennium Management LLC, Israel A. Englander disclosed a new substantial MAGNUM HUNTER RESOURCES CORP shareholding (5.30% of votes).
8 Oct 2013securities registration● Neutral
MAGNUM HUNTER RESOURCES CORP filed the final prospectus for a registered offering.
3 Oct 2013business combination● Neutral
Amendment No. 2 to the $600 million 9.750% senior notes exchange registration statement (dated Oct 2, 2013). The exchange terms are unchanged; the prospectus is reorganised, with risk factors and the business, financial and management sections now in a single document. The expiry date is still blank, so the exchange offer has not yet been launched.
10 Sept 2013business combination● Neutral
Amendment No. 1 to the notes exchange registration statement. It fixes a technical EDGAR problem that kept the original filing from being filed for the subsidiary guarantors, updates the 'Recent Developments' section and adds some exhibits. The $600 million 9.750% notes exchange itself is unchanged.
4 Sept 2013material agreement▲ Good
Magnum Hunter's Williston Hunter subsidiary agreed to sell a small non-operated North Dakota working interest (about 14,500 net acres, 120 boe/d) to Oasis Petroleum for $32.5 million cash - continued portfolio pruning of North Dakota assets even as it kept a larger Bakken/Williston core.
3 Sept 2013business combination● Neutral
Magnum Hunter filed a new registration statement (dated Aug 30, 2013) to swap its $600 million of 9.750% senior notes due 2020 (the $450M issued May 16, 2012 and the $150M add-on issued Dec 18, 2012) for identical notes registered with the SEC. This replaces the January 2013 S-4, which the filing says was withdrawn, and its $81,840 fee is carried over. The exchange changes registration status, not the terms of the debt, and no minimum tender is required.
29 Aug 2013dividend declaration▲ Good
Magnum Hunter declared another warrant dividend to common shareholders - one warrant per ten shares, exercisable at $8.50 through April 2016 - its second such warrant dividend after the 2011 one, again a shareholder sweetener rather than a cash payout.
13 Aug 2013debt financing▼ Bad
Magnum Hunter's bank lenders eased its credit-agreement leverage covenants - deferring the total-debt-to-EBITDAX test to mid-2014 and softening interest-coverage requirements - while also allowing further cash investment in the Eureka Hunter midstream subsidiary, a sign the company needed covenant relief to keep its debt load in compliance.
12 Aug 2013material agreement▲ Good
Triad Hunter agreed to acquire up to 32,000 net mineral acres in Monroe, Noble and Washington Counties, Ohio from a landowner association (MNW Energy) through a phased, multi-closing structure over roughly the next 10 months - continued Appalachian leasehold growth even as the company was also divesting Eagle Ford and North Dakota assets.
9 Aug 2013quarterly activities report● Neutral
MAGNUM HUNTER RESOURCES CORP reported a quarterly net income of $165.4 million for the period ended 2013-06-30.
9 Aug 2013quarterly activities report● Neutral
MAGNUM HUNTER RESOURCES CORP reported a quarterly net income of $165.4 million for the period ended 2013-06-30.
26 July 2013listing compliance notice▼ Bad
MAGNUM HUNTER RESOURCES CORP withdrew a registration statement, abandoning the offering it covered.
12 July 2013asset acquisition disposition▲ Good
Magnum Hunter filed the pro forma financials for the Penn Virginia Eagle Ford sale, confirming the deal actually closed at $422.1 million (better than the originally announced $401 million) once adjustments were finalized - $379.8 million cash and 10 million Penn Virginia shares worth about $42.3 million. The filing had waited on the delayed 2012 10-K and Q1 2013 10-Q, both now filed (June 14 and July 9, 2013).
9 July 2013quarterly activities report● Neutral
MAGNUM HUNTER RESOURCES CORP reported a quarterly net income of $165.4 million for the period ended 2013-06-30.
9 July 2013quarterly activities report● Neutral
MAGNUM HUNTER RESOURCES CORP reported a quarterly net income of $165.4 million for the period ended 2013-06-30.
7 June 2013material agreement● Neutral
Magnum Hunter's board approved standard indemnification agreements for all its directors and executive officers, contractually guaranteeing legal-expense advancement and indemnification - adopted just as the company faced elevated legal exposure from its accounting and auditor problems.
21 May 2013debt financing▼ Bad
The audit delay also hit Magnum Hunter's Eureka Hunter Pipeline subsidiary: both its SunTrust-led first-lien lenders and PennantPark's second-lien loan had to formally consent that a late first-quarter 2013 financial statement delivery wouldn't trigger default, tying the new deadline to completion of the delayed parent-company audit.
17 May 2013listing compliance notice▼ BadMajor
With its 2012 10-K and Q1 2013 10-Q still unfiled while new auditor BDO USA worked through the audit, Magnum Hunter received a non-compliance letter from NYSE MKT regarding its listed Series C, D and E preferred stock (its common stock listing on the NYSE proper was unaffected) and had until late May 2013 to submit a compliance plan targeting an August 2013 fix - the accounting crisis now directly threatening a listing.