Magnum Hunter needs to raise $9 million by July 10
Saturday, June 27, 2015
Magnum Hunter Resources Corp. has to provide its lenders $65 million by July 10, but as of June 23, the company needed $9.4 million more to reach that amount.
Columbus Business First reports that Magnum Hunter is focusing on liquidity initiatives. Banks don’t want oil and gas assets while the market is down, so banks are accommodating oil and gas producers so they don’t end up in default. Part of the money already raised was from the sale of Tyler County, West Virginia, acreage, netting $33.6 million.
Magnum Hunter has 128,000 acres under lease in the Utica and 80,000 acres under lease in the Marcellus. The company has subsidiaries in pipelines and saltwater disposal, too.
Via: Columbus Business First > Utica shale downturn: Prominent driller has 3 weeks to raise $9 million
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