SOURCE: Magnum Hunter Resources

Magnum Hunter Resources

September 04, 2015 16:15 ET

Magnum Hunter Resources Receives Continued Listing Standard Notification From NYSE Regarding Common Stock

IRVING, TX--(Marketwired - Sep 4, 2015) - Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE) (the "Company" or "Magnum Hunter") announced today that on August 31, 2015, it received notice from the New York Stock Exchange (the "NYSE") that the Company is no longer in compliance with the NYSE's continued listing standards for the Company's common stock because the average closing price of the Company's common stock has fallen below the NYSE's per share price requirements. NYSE rules require that the average closing price of a listed company's common stock be at least $1.00 per share over a consecutive 30 trading-day period. As of August 26, 2015, the average closing price of the Company's common stock over the preceding consecutive 30 trading-day period was $0.99 per share.

Under the NYSE's rules, the Company has a period of six months, subject to possible extension, to regain compliance with the NYSE's continued listing standards. The Company can regain compliance if, during the six-month period following receipt of the NYSE notice, on the last trading day of any calendar month, the Company's common stock has a closing price and a 30 trading-day average closing price of at least $1.00 per share. The Company's common stock will continue to be listed and traded on the NYSE during this period under the symbol "MHR," but the NYSE will assign a ".BC" indicator to the symbol to denote that the Company is below the NYSE's quantitative continued listing standards. The Company intends to properly notify the NYSE that it anticipates that this price deficiency will be cured and that it will return to compliance with the NYSE's continued listing standards prior to the expiration of this six-month period.

The non-compliance with the NYSE price listing standard described above does not affect the listing on the NYSE MKT of the Company's Series C and Series D preferred stock and the depositary shares representing the Company's Series E preferred stock, and each such series of preferred stock and such depositary shares will continue to be listed and traded on the NYSE MKT, subject to the Company's continued compliance with the NYSE MKT's listing standards. The non-compliance with the NYSE price listing standard described above also does not conflict with the Company's revolving credit facility or other debt agreements.

About Magnum Hunter Resources Corporation

Magnum Hunter Resources Corporation and subsidiaries are an Irving, Texas based independent exploration and production company engaged in the acquisition, development and production of natural gas, natural gas liquids and crude oil, primarily in the States of West Virginia and Ohio. The Company is presently active in two of the most prolific unconventional shale resource plays in North America, the Marcellus Shale and Utica Shale located in Northwest West Virginia and Southeast Ohio.

Availability of Information on the Company's Website

Magnum Hunter is providing a reminder that it makes available on its website (at www.magnumhunterresources.com) a variety of information for investors, analysts and the media, including the following:

  • annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports as soon as reasonably practicable after the material is electronically filed with or furnished to the Securities and Exchange Commission;
  • the most recent version of the Company's Investor Presentation slide deck;
  • announcements of conference calls, webcasts, investor conferences, speeches and other events at which Company executives may discuss the Company and its business and archives or transcripts of such events;
  • press releases regarding annual and quarterly earnings, operational developments, legal developments and other matters; and
  • corporate governance information, including the Company's corporate governance guidelines, committee charters, code of conduct and other governance-related matters.

Magnum Hunter's goal is to maintain its website as the authoritative portal through which visitors can easily access current information about the Company. Over time, the Company intends for its website to become a primary channel for public dissemination of important information about the Company. Investors, analysts, media and other interested persons are encouraged to visit the Company's website frequently.

Certain information included on the Company's website constitutes forward-looking statements and is subject to the qualifications under the heading "Forward-Looking Statements" below and in the Company's Investor Presentation slide deck.

Forward-Looking Statements

This press release includes "forward-looking statements." All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although Magnum Hunter believes that the expectations reflected in the forward-looking statements are reasonable, Magnum Hunter 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, and other factors as discussed in filings made by Magnum Hunter with the Securities and Exchange Commission (SEC). Among the factors that could cause results to differ materially are those risks discussed in the periodic reports filed by Magnum Hunter with the SEC, including Magnum Hunter'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. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." Forward-looking statements speak only as of the date of the document in which they are contained, and Magnum Hunter does not undertake any duty to update any forward-looking statements except as may be required by law.

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