Magnum Hunter looks to raise cash through two deals
Friday, August 14, 2015
Columbus Business First reports that by the end of August, Magnum Hunter Resources Corp. could generate as much as $950 million.
The firm could gain $500 million for selling its Eureka Hunter Midstream pipeline interests. The Eureka Hunter Midstream pipeline is located in southeastern Ohio and northern West Virginia. Magnum Hunter’s second deal involves a joint venture partnership in the Utica Shale. This deal could amount to $450 million.
Earlier this year, Magnum Hunter owed $65 million to its lenders, but came to terms with its lending bank by agreeing on amendments and waivers, according to Columbus Business First.
Via: Columbus Business First > Magnum Hunter could generate $1B in deals, including Utica joint venture
Recent Magnum Hunter news:
- Magnum Hunter finds a way to pay back debt by July 10 July 1, 2015
- Magnum Hunter has to raise $9 million by July 10 June 27, 2015
- Magnum Hunter to sell Tyler County, West Virginia acreage June 1, 2015
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.