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Oil and gas producer Magnum Hunter Resources Corp. will use proceeds from the sale of its stake in a gathering system to pay down $300 million to $400 million in debt and to resume drilling. Additionally, the Texas-based company (NYSE:MHR) is working on forming not one, but two, joint ventures to help it develop its Ohio and West Virginia acreage, chairman and CEO Gary C. Evans said Thursday.
Evans was in Pittsburgh for the Hart Energy DUG East conference, where, in a morning presentation, revealed that the company is intending to sell its 45.53 percent share in the Eureka Hunter pipeline and its TransTex Hunter gas processing services business. The deal is expected to raise $600 million to $700 million in cash for the company, allowing it to restructure its balance sheet and greatly improve its liquidity.
In an ensuing question-and-answer session following the presentation, Evans declined to identify the buyer, but said it's a master limited partnership. He said the sale will be completed as soon as possible.
Magnum Hunter, a proponent of the Ohio Utica, has been battered by low energy prices. To improve its liquidity, it has been undertaking a set of initiatives that included assets sales, forming a joint venture and selling a portion of its stake in Eure
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Columbus Business News
It appears that Ralph Whitworth may have been washing his hands of Magnum Hunter Resources Corp (NYSE:MHR) too soon. Just days after we reported that Whitworth’s Relational Investors had begun selling off some of its substantial stake in the company, shares of Magnum Hunter have soared this morning in pre-market trading following the announcement that it would seek to divest itself of its entire 45.5% stake in Eureka Hunter Holdings. The move also comes just days after Magnum Hunter announced the sale of Non-Core Undeveloped Leasehold Acreage in Tyler County, West Virginia through its wholly-owned subsidiary Triad Hunter. That deal was expected to fetch $33.6 million in cash, while the latest move is expected to pull in up
Read more at http://www.insidermonkey.com/blog/magnum-hunter-resources-corp-mhr-here-is-why-mhr-is-jumping-today-356585/#yHePToVXSVsGRscC.99
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Form 8-K for MAGNUM HUNTER RESOURCES CORP
Regulation FD Disclosure, Other Events
Item 7.01 Regulation FD Disclosure
As previously disclosed by Magnum Hunter Resources Corporation ("Magnum Hunter" or the "Company") in its filings with the Securities and Exchange Commission, specifically its Annual Report on Form 10-K for the year ended December 31, 2014, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, its Current Report on Form 8-K filed on May 29, 2015 and its Current Report on Form 8-K filed on June 24, 2015, Magnum Hunter continues to actively pursue certain potential liquidity enhancing transactions.
One of the potential liquidity enhancing transactions previously disclosed as being actively pursued by the Company was the sale by it of a portion of its equity ownership interest in Eureka Hunter Holdings, LLC ("Eureka Hunter Holdings"). Magnum Hunter has now determined to pursue the sale by the Company of 100% of its current equity ownership interest in Eureka Hunter Holdings. The Company currently owns approximately 45.53% of the equity in Eureka Hunter Holdings. Based upon current market conditions, the Company believes that a sale of all of its equity ownership interest in Eureka Hunter Holdings could generate up to approximately $600 to $700 million in gross cash proceeds to Magnum Hunter. This potential transaction would allow Magnum Hunter to restructure its balance sheet and dramatically improve its current liquidity position.
Eureka Hunter Holdings owns 100% of the equity ownership interest in each of Eureka Hunter Pipeline, LLC ("Eureka Hunter Pipeline") and TransTex Hunter, LLC ("TransTex Hunter").
Eureka Hunter Pipeline owns and operates a natural gas gathering system located in southeastern Ohio and northern West Virginia. Currently, Eureka Hunter Pipeline has constructed and is operating approximately 175 miles of high pressure pipeline in the Marcellus and Utica Shale plays. The pipeline system recently achieved a peak throughput rate of approximately 640,000 MMBtu per day in June 2015 and currently has a total of nine interconnects with transmission pipelines or processing plants, with two additional interconnects under construction.
TransTex Hunter provides natural gas treating and processing service solutions to third party producers and midstream companies and, in connection therewith, sells and leases gas treating and processing equipment for treating natural gas at the wellhead.
Item 8.01 Other Events
The information set forth in Item 7.01 of this Current Report on Form 8-K is incorporated by reference into this Item 8.01.
Magnum Hunter cannot provide assurance as to whether or when it will be able to consummate the liquidity enhancing transactions that the Company is currently pursuing or other liquidity enhancing transactions, or, if any liquidity enhancing transactions are consummated, whether they will be on the terms contemplated or will provide Magnum Hunter with sufficient liquidity to meet its cash flow needs or maintain compliance with the financial and other covenants in Magnum Hunter's debt agreements.
CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This Current Report on Form 8-K includes "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Forward-looking statements include statements regarding the Company's liquidity and capital resources, its ability to consummate transactions and the timing, potential terms and proceeds to the Company of any such transactions. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, financial condition and other factors as discussed in filings made by the Company with the Securities and Exchange Commission (the "SEC"). Among the factors that could cause results to differ materially are those risks discussed in reports filed by the Company with the SEC, including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and its Quarterly Reports on Form 10-Q for the fiscal quarters ended after such fiscal year. All persons are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in those filings. Forward-looking statements speak only as of the date of the document in which they are contained, and the Company does not undertake any duty to update any forward-looking statements except as may be required by law.
Form 8-K for MAGNUM HUNTER RESOURCES CORP
Entry into a Material Definitive Agreement, Other Events, Financial
Item 1.01 Entry into a Material Definitive Agreement.
Amendment to First Lien Credit Agreement
As previously disclosed in its public filings with the Securities and Exchange Commission (the "SEC"), Magnum Hunter Resources Corporation ("Magnum Hunter") continues to pursue certain liquidity enhancing transactions to, among other things, satisfy its obligation, as described more fully below, to raise $65 million of aggregate net cash proceeds from certain transactions.
As described more fully in Item 8.01 of this Current Report on Form 8-K, Magnum Hunter recently closed on the sale of certain non-core undeveloped and unproven leasehold acreage located in Tyler County, West Virginia (the "Properties") to Antero Resources Corporation, a Delaware corporation ("Purchaser"), and received at closing total consideration of approximately $33.6 million in cash. The total consideration is subject to post-closing adjustments for any title defects and for remediation of asserted title defects, which adjustments are anticipated to increase the ultimate cash sales price to $35.0 - $40.0 million on or before July 15, 2015. The closing of this sales transaction is described in more detail below under Item 8.01 of this Current Report on Form 8-K. In addition, Magnum Hunter has already completed approximately $22.0 million of other capital raising transactions and has, therefore, to date, raised a total of approximately $55.6 million towards satisfaction of its $65 million capital raising near-term goal and obligation.
As described in more detail below, on June 19, 2015, Magnum Hunter received an extension from the lenders under its First Lien Credit Agreement (as defined below) with respect to its obligation to raise the $65 million of aggregate net cash proceeds. The extension gives Magnum Hunter until July 10, 2015 to satisfy this
Form 8-K for CAPSTONE TURBINE CORP
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Stand
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On June 18, 2015, Capstone Turbine Corporation (the "Company") received approval from the Nasdaq Stock Market ("Nasdaq") to transfer the listing of the Company's common stock from the Nasdaq Global Market to the Nasdaq Capital Market. This transfer will be effective at the opening of business on Monday, June 22, 2015. The Company's common stock will continue to trade under the symbol "CPST." The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market and requires listed companies to meet certain financial requirements and comply with Nasdaq's corporate governance requirements.
As previously reported, the Company was notified by Nasdaq on December 19, 2014 that it no longer satisfied the minimum bid price requirement of $1.00 per share for continued listing as set forth in Nasdaq Listing Rule 5450(a)(1). In anticipation of not meeting the minimum bid price requirement by June 17, 2015, the end of its initial 180-day grace period, the Company had previously applied to transfer the listing of its stock to the Nasdaq Capital Market. Upon transfer to the Nasdaq Capital Market, the Company is being afforded an additional 180-day grace period to regain compliance with Nasdaq's minimum bid price requirement. In order to regain compliance, the minimum bid price per share of the Company's common stock must be at least $1.00 for at least ten consecutive business days during the second 180-day grace period, which will end on December 14, 2015. If the Company fails to regain compliance during this grace period, the Company's common stock will be subject to delisting by Nasdaq. The Company has provided written notice of its intention to cure the minimum bid price de