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Magnum Hunter Resources Corp. Message Board

  • stockicon_2000 stockicon_2000 Jun 14, 2013 12:47 PM Flag

    All questions are now resolved, ascend to $8

    All this short bashing garbage regarding alledged fraud and weakness of earnings is now resolved. It was all contrived to scare people out of this stock. Good ridance to the thugs that bashed a great and fast growing oil company.

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    • oh how wrong you are....

      In our opinion, Magnum Hunter Resources Corporation did not maintain, in all material respects, effective internal control over financial reporting as of December 31, 2012, based on the COSO criteria.

      We do not express an opinion or any other form of assurance on management's statements referring to any corrective actions taken by the company after the date of management's assessment.

      We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Magnum Hunter Resources Corporation as of December 31, 2012, and the related consolidated statements of operations, comprehensive loss, shareholders' equity, and cash flows for the year then ended and our report dated June 14, 2013, expressed an unqualified opinion thereon.

      /s/ BDO USA, LLP

      Dallas, Texas

      June 14, 2013

      In summary BDO is saying they cannot confirm that the 2012 numbers are correct. They are saying this so if the investigation proves fraud they are not liable.

      • 1 Reply to sdfoster91
      • You have that wrong. An unqualified opinion means it is ok. The internal control issue is a separate thing. BDO confirmed that MHR had ineffective internal controls as of 12/31/13, but that was already known. If I recall, the accountants don't usually attest to Management's statements of internal control remediation. The internal control audit is as of 12/31/13 and at date the internal controls were ineffective. The next time there is an audit of internal controls will be the next time there is a year-end audit and at that time, BDO will get to opine. I am not an accountant, but I think that's how it works.

        Unless you are an accountant schooled in public company reporting and PCAOB rules, don't try to interpret what the accountants are saying.

    • ht0629 Jun 14, 2013 12:56 PM Flag

      Tons of resistance and low vol. are keeping us down. We will move up just not as fast as we had hoped. Big players have not moved yet but they will. That's what we need is large blocks moving.....

      Sentiment: Strong Buy