Each one in plain English, with the numbers worked through for a shareholder.
6 Oct 2014material agreement▲ Good
Bakken Hunter sold more non-operated North Dakota working interests, this time in Divide County, to Formation Energy affiliate LGFE-BH for about $23.1 million cash - continued shrinking of the North Dakota position acquired in the 2012 Baytex deal.
Morgan Stanley Infrastructure agreed to buy out ArcLight/Ridgeline's entire preferred and common stake in Eureka Hunter Holdings and separately buy more equity directly from Magnum Hunter - swapping out the pipeline's original 2012 institutional investor for a new one and giving Magnum Hunter more capital for its midstream business.
26 June 2014capital raising announcement● NeutralMajor
Magnum Hunter formally launched its all-stock takeover offer for ASX-listed Ambassador Oil and Gas, offering one Magnum Hunter share for every 23.6 Ambassador shares (implying about $49.7 million total) - an unusual bet on Australian exploration acreage layered on top of an otherwise US-focused, deleveraging strategy.
Magnum Hunter's bank lenders consented to let it pursue an all-stock takeover bid for Ambassador Oil and Gas, an Australian company, through a new unrestricted foreign subsidiary - a surprising international expansion even as the company kept selling off North American assets in Canada and North Dakota to focus its balance sheet.
30 May 2014capital raising announcement▲ GoodMajor
Magnum Hunter raised $150 million in a private placement of stock and warrants to activist investor Relational Investors, earmarked for accelerating Marcellus/Utica drilling in Ohio and West Virginia, buying more leasehold there, and paying down its revolving credit facility - a large new institutional shareholder brought in as the company doubled down on Appalachia.
Magnum Hunter filed the pro forma financials for the closed Williston Hunter Canada/Steppe Resources sale, bundled with an earlier, smaller sale of Alberta assets to BDJ Energy - paperwork closing out the Canadian divestiture.
Magnum Hunter reported encouraging early results from its first Utica Shale well in West Virginia (Stewart Winland pad, Tyler County), with wireline logs showing hydrocarbon-bearing rock consistent with its earlier Stalder Utica discovery in Ohio - the Appalachian Utica/Marcellus push it was now funding was starting to show technical results.
Magnum Hunter closed the sale of Williston Hunter Canada (the former NuLoch Saskatchewan assets) to Steppe Resources for CAD $75 million cash, completing its exit from Canada three years after the NuLoch acquisition first brought it there.
Magnum Hunter agreed to sell its Canadian subsidiary Williston Hunter Canada - the Tableland Field oil properties in Saskatchewan it had gained through the 2011 NuLoch acquisition - to Steppe Resources for about CAD $75 million (about US $68 million) cash, another step in exiting non-core assets to focus on its Appalachian core.