eBay Inc. (EBAY) Message Board
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Yes 15 calendar days are up April 2, 2013.I don't think they (MHR) have ask for more time ? But hey they keep the important information on a need to know basis.
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WTI Trades Near Six-Week High; Exxon Shuts Crude Pipeline
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I read the article and I did no see anything about BK ???
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The Utica shale may not ring any bells for the average investor. But, utter that name around energy industry professionals, and you're sure to rouse a lively debate.
An up-and-coming shale oil and gas play, the Utica stretches across Ohio, New York, Pennsylvania, Virginia, and West Virginia, though drilling to date has centered primarily in Ohio. Due to some major similarities with Texas' highly productive Eagle Ford play, energy companies are buzzing about the play.
Unfortunately, however, relatively very little is known about the Utica's true potential due to Ohio's lack of transparency in reporting production data. But, for those who have invested in companies with major operations in the Utica, especially those more leveraged to the play like Gulfport Energy (NASDAQ: GPOR ) , Rex Energy, and Magnum Hunter Resources (NYSE: MHR ) , new, soon-to-be-released data should provide a much better glimpse into the play's potential.
Next month, the state of Ohio will publish a comprehensive report detailing the Utica's well results for 2012. These results are sure to have major repercussions for the handful of companies that have plowed millions of dollars into the play.
Let's take a closer look at why Ohio has been so secretive, the specifics of the data it will soon reveal, and implications for some of the Utica's major drillers.
Limited production data and regulatory constraints
Currently, Ohio state regulators request Utica operators to disclose production statistics only on an annual basis, whereas virtually every other state in the country publicly discloses production statistics and drilling data on a quarterly basis.
Moreover, major drillers in the Utica have only disclosed information about half of their producing wells in the Utica, according to an analysis by Reuters. In addition, much of the data is limited, and drillers aren't required by law to release results on a per-well basis.
As Reuters highlighted, lawmakers last year were pushing to include a -
Lex I don't know what this stock is going to do the next 9 min let alone the next 9 months sorry.I do feel that MHR the company has problems in the leadership dept.Their CEO has a real thing about telling the truth He doesn't.imo You don't have 35( imo it is closer to 36.5-37.5 since the last TV stunt) million shares short without some credence to the fact that the CEO isn't a trust worthy person and this is why so many shares that are short for so long a time..Wall Street imo just doesn't like G.E. The finance dept is in disarray and that in it's self is a major negative now and going forward.They have the NYSE in their face about the S/H/M fiasco and now this delayed filing! Worst case is they stumble again and ask for an other delay and then PWC comes forward with their findings and say they will not signoff the Q/Ye numbers the stock could very well be trading at a new 52 week low is my guess ? That might bring in the SEC down the road ??? GLTY
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Finally, GMT Capital's biggest closed positions included Fushi Copperweld, which was taken private, and Coeur d'Alene Mines. Other closed positions of interest include Magnum Hunter Resources (NYSE: MHR ) and 8x8 (NASDAQ: EGHT ) . More than a handful of natural-gas-related companies struggled over the past year. Energy concern Magnum Hunter has been heavily shorted, in part because of significant debt and a substantial focus on low-priced natural gas in its operations. Some don't appreciate its shift toward oil and liquids, though, and its diversification across several promising shale fields. The company recently announced a delay in the filing of its year-end report, with management apologizing and calling its own excuses unacceptable. (That's refreshing candor, actually.)
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Resistance down at 11.36...Short Term : BE CAREFUL !!!
by greenpoint21 •Mar 27, 2013 9:02 AMOver 5 billion share's of BAC has been traded above the $12.00 price.Your $11.36 is wishful thinking.GLTY
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Resistance down at 11.36...Short Term : BE CAREFUL !!!
by greenpoint21 •Mar 27, 2013 9:02 AMYou mean support @ 11.36.
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Form 8-K for MAGNUM HUNTER RESOURCES CORP
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22-Mar-2013
Entry into a Material Definitive Agreement, Creation of a Direct Fin
Item 1.01 Entry into a Material Definitive Agreement.
Fifteenth Amendment to Second Amended and Restated Credit Agreement and Limited Consent
On March 18, 2013, Magnum Hunter Resources Corporation (the "Company") entered into a Fifteenth Amendment to Second Amended and Restated Credit Agreement and Limited Consent (the "Fifteenth Amendment"), effective as of March 17, 2013, by and among the Company, Bank of Montreal, as administrative agent, and the lenders and guarantors party thereto. The Second Amended and Restated Credit Agreement, as amended (the "Senior Credit Agreement"), provides for an asset-based, senior secured revolving credit facility (the "Senior Revolving Facility") maturing April 13, 2016. The Senior Revolving Facility is governed by a semi-annual borrowing base redetermination derived from the Company's proved crude oil and natural gas reserves and, based on such redeterminations, the borrowing base can be increased or decreased up to a maximum commitment level of $750 million.
Pursuant to the Fifteenth Amendment, the deadline under the Senior Credit Agreement for the Company's delivery of its audited fiscal 2012 financial statements to the lenders under the Senior Credit Facility was extended to May 20, 2013 (such date, the "Senior Credit Agreement Delivery Date"); provided, however, that, in the event that the requisite noteholders under the Company's senior notes indenture (the "Indenture") agree to extend the date by which the Company is required to deliver its audited financial statements under the Indenture (such date, the "Indenture Delivery Date"), the Senior Credit Agreement Delivery Date will be further extended to the earlier of (i) three business days before the Indenture Delivery Date (as so extended), and
(ii) June 17, 2013. In addition, under the Fifteenth Amendment, the lenders under the Senior Credit Facility waived any event of default under the Senior Credit Agreement that may occur as a result of any default occurring under the Indenture due to the Company's failure to timely file its Annual Report on Form 10-K with the Securities and Exchange Commission (the "SEC").
The foregoing description of the Fifteenth Amendment does not purport to be complete and is qualified in its entirety by reference to the Fifteenth Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference, and the Senior Credit Agreement, a copy of which was filed as Exhibit 10.1 to a Current Report on Form 8-K filed with the SEC on April 14, 2011. Copies of the First, Second, Third, Fourth and Fifth Amendments to the Senior Credit Agreement were filed as Exhibits 10.1, 10.1, 10.2, 10.1 and 10.1 to Current Reports on Form 8-K filed with the SEC on July 19, 2011, August 18, 2011, October 4, 2011, December 12, 2011 and February 21, 2012, respectively. Copies of the Sixth and Seventh Amendments to the Senior Credit Agreement were filed as Exhibits 10.1 and 10.2, respectively, to a Current Report on Form 8-K filed with the SEC on May 8, 2012. A copy of the Eighth Amendment to the Senior Credit Agreement was filed as Exhibit 10.3 to a Quarterly Report on Form 10-Q filed with the SEC on August 9, 2012. A copy of the Ninth Amendment to the Senior Credit Agreement was filed as Exhibit 10.1 to a Current Report on Form 8-K filed with the SEC on August 13, 2012. Copies of the Tenth and Eleventh Amendments to the Senior Credit Agreement were filed as Exhibits 10.1 and 10.2, respectively, to a Current Report on Form 8-K filed with the SEC on November 14, 2012. A copy of the Twelfth Amendment to the Senior Credit Agreement was filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on December 7, 2012. A copy of the Thirteenth Amendment to the Senior Credit Agreement was filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on December 21, 2012. A copy of the Fourteenth Amendment to the Senior Credit Agreement was filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on March 1, 2013.
Consents Under Eureka Hunter Credit Facilities
On March 18, 2013, Eureka Hunter Pipeline, LLC ("Eureka"), an indirect majority-owned subsidiary of the Company, entered into a Consent to First Lien Credit Agreement (the "First Lien Consent"), effective as of March 17, 2013, by and among Eureka, SunTrust Bank, as administrative agent, and the lenders party thereto. Pursuant to the First Lien Consent, the lenders under the First Lien Credit Agreement, as amended (the "First Lien Credit Agreement"), agreed that Eureka's failure to deliver its audited fiscal 2012 financial statements when due under the First Lien Credit Agreement will not constitute a default or an event of default under the First Lien Credit Agreement, so long as Eureka delivers its audited fiscal 2012 financial statements to such lenders no later than June 17, 2013.
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On March 18, 2013, Eureka also entered into a Consent to Second Lien Term Loan Agreement (the "Second Lien Consent"), effective as of March 17, 2013, by and among Eureka, PennantPark Investment Corporation ("PennantPark") and the other lenders party thereto. Pursuant to the Second Lien Consent, the lenders under the Second Lien Term Loan Agreement, as amended (the "Second Lien Term Loan Agreement"), agreed that Eureka's failure to deliver its audited fiscal 2012 financial statements when due under the Second Lien Term Loan Agreement will not constitute a default or an event of default under the Second Lien Term Loan Agreement, so long as Eureka delivers its audited fiscal 2012 financial statements to such lenders no later than June 17, 2013. In addition, under the Second Lien Consent, the lenders under the Second Lien Term Loan Agreement agreed that, in the event that the Company files its Annual Report on Form 10-K for the year ended December 31, 2012 with the SEC no later than June 17, 2013, then such filing will be deemed timely under the Second Lien Term Loan Agreement.
The foregoing descriptions of the First Lien Consent and the Second Lien Consent do not purport to be complete and are qualified in their entirety by reference to (i) the First Lien Consent and the Second Lien Consent, as applicable, copies of which are attached hereto as Exhibits 10.2 and 10.3, respectively, and are incorporated herein by reference, and (ii) the First Lien Credit Agreement and the Second Lien Term Loan Agreement, as applicable, copies of which were filed as Exhibits 10.1 and 10.2, respectively, to a Current Report on Form 8-K filed with the SEC on August 22, 2011. A copy of the First Amendment to First Lien Credit Agreement was filed as Exhibit 10.5 to a Current Report on Form 8-K filed with the SEC on May 8, 2012. Copies of the First Amendment to Second Lien Term Loan Agreement and the Second Amendment to Second Lien Term Loan Agreement were filed as Exhibits 10.6 and 10.8, respectively, to a Current Report on Form 8-K . . .
Item 2.03 Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.
The disclosures under Item 1.01 of this Form 8-K are also incorporated into this Item 2.03 by reference.
Item 2.06 Material Impairments.
On March 18, 2013, the Company announced that it would not meet the extended deadline for filing its 2012 Annual Report on Form 10-K by such date and that the audit process was continuing with respect to the Company's financial statements for the year ended December 31, 2012. From time to time in connection with such audit process, the Company's management had determined that certain assets, which were not necessarily individually material, were impaired and non-cash charges were required under generally accepted accounting principles applicable to the Company. Once it became impossible for the Company to disclose such non-cash impairment charges in a timely filed Annual Report on Form 10-K, management determined to disclose them in this Form 8-K. The conclusion that a non-cash charge for impairment was required was based upon declines in the prices of oil and natural gas, the Company's future drilling plans, and management's determination not to continue to hold certain undeveloped properties that were not as attractive for development as other properties held by the Company.
The general categories of the impaired assets, including the anticipated unaudited estimate of non-cash impairment charges related to each such category, is set forth in the table below.
Three months ended Year ended
December 31, 2012 December 31, 2012
(in millions)
Unproved Property Proved Property Unproved Property Proved Property
South Texas $ 1.1 $ 1.2 $ 1.1 $ 1.2
Appalachian basin 2.5 10.2 7.4 10.2
Williston basin 46.1 4.1 46.5 4.1
$ 49.7 $ 15.5 $ 55.0 $ 15.5
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The non-cash impairment charges for the year ended December 31, 2012 consist of
(i) the unaudited non-cash impairment charges previously announced by the Company for the first three quarters of fiscal 2012 in its Quarterly Reports on Form 10-Q and (ii) the estimated unaudited non-cash impairment charges for fourth quarter fiscal 2012 set forth in this Form 8-K. -
According to its capital plan under the 2012 Comprehensive Capital Analysis & Review (CCARF), Fifth Third Bancorp (FITB) increased its dividend by 10% to 11 cents. The increased dividend will be paid on Apr 18, 2013 to shareholders of record as of Mar 29.
Further, following the approval of its capital plan under the 2013 CCAR, the company has proposed another dividend hike of 9% to 12 cents per share, which is subject to the approval of the board of directors. The increase may take place anytime between the second quarter of 2013 and the first quarter of 2014.
The company also announced a new share repurchase authorization of up to 100 million shares, replacing the previous authorization in 2012. The previous authorization had roughly 54 million shares outstanding.
Fifth Third’s capital plan for 2013 included potential share repurchases worth up to $984 million through the first quarter of 2014, along with additional incremental repurchases with any after-tax gains from the sale of Vantiv, Inc. (VNTV).
The approval for the dividend hike justifies Fifth Third’s capital strength and will enhance investors’ confidence in the stock. This move represents fourth dividend increase post the dividend cuts made by Fifth Third during the financial crisis. The company had drastically slashed its dividend to 15 cents per share from 44 cents in June 2008 and further lowered it to a penny in December that year.
However, in March last year, the company raised it to 6 cents and again advanced it to 8 cents in September. Later, in October, the company upped it to 10 cents.
Going forward, Fifth Third remains well positioned to benefit from a recovering economy due to a diversified traditional banking platform. Its diverse revenue mix, improved credit quality and strong capital position serve as positive catalyst for the stock. However, the sluggish macro environment and stringent regulations are causes of concern -
Fifth Third Hikes Dividend
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Natural Gas Likely to Stay Below $5, Magnum Hunter’s Evans Says
by cincyyyyy •Mar 21, 2013 1:52 PMNatural gas will probably stay below $5 per million British thermal units for the next few years, said Gary Evans, chairman and chief executive officer of Magnum Hunter Resources Corp. (MHR)
The U.S. has “a 200-plus-year supply of natural gas,” Evans said. “I don’t see it going up past $5 for two, three, four years. We’ve gotten so doggone good at finding it.”
Magnum Hunter, a Houston-based oil and gas production company, is operating in the Eagle Ford formation in Texas, the Marcellus in the mid-Atlantic, the Utica in Ohio, and the Bakken in North Dakota, Evans said today at a breakfast meeting organized by the Southern Methodist University Cox School of Business. He said shale plays are improving as producers use better technology and extraction techniques.
Natural gas, which reached an all-time high of $13.694 in July 2008, last settled above $5 in June 2010. It reached a 10- year low of $1.902 in April 2012. Gas for April 2013 delivery rose 3.3 cents, or 0.8 percent, to $3.993 at 12:04 p.m. today on the New York Mercantile Exchange.
U.S. natural gas reserves gained 49 percent to 304.6 quadrillion cubic feet in 2010 from 2005, the most recent year of data, according to the Energy Information Administration, the statistical arm of the Energy Department. -
misleading when N/G is having problem's holding 4.00$ per !
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wrong board.
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on cnbc
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The NYSE take on all these late filings ? And then you have the wall street clown's with their upgrades/downgrades ? Now if G.E. would only fall on his sword for the good of the shareholder's(that not going to happen) !!!
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The Company's rapid growth, particularly during the last 24 months, has resulted in complex and challenging accounting issues and operational integration matters that have required a significant amount of time and human resources in order to complete the fiscal 2012 audit. Magnum Hunter continues to work diligently with PricewaterhouseCoopers LLP, its independent auditors, to provide all the necessary information, including the finalization of all adjustments and supporting analysis, so they can complete the audit of the Company's financial statements for the fiscal year ended December 31, 2012 as promptly as possible. At this time, Magnum Hunter is not aware of any disagreements with its auditors regarding the Company's fiscal 2012 financial statements. In addition, the Company has not discovered any material errors or omissions that would require a restatement of its previously issued unaudited 2012 quarterly financial information.
Magnum Hunter expects to obtain the necessary consents from its lenders under the Company's senior credit facility to allow the Company to provide its 2012 audited consolidated financial statements at a later date, and also expects to obtain similar consents from the lenders under Eureka Hunter Pipeline, LLC's credit facilities. In addition, Magnum Hunter intends to take the appropriate action to prevent or cure any default under the Company's senior notes indenture resulting from its failure to timely file this audited financial information.
Here they mention PWC is still on board for now .Along with many new face's in the financial dept. -
PWC (might ???) have already left MHR ??? This is a very touchy . Health South comes to mind.