Magnum Hunter delisted by NYSE due to company’s low trading prices
Saturday, November 21, 2015
Columbus Business First reports that the New York Stock Exchange has delisted Magnum Hunter Resources Corp., but the Texas-based company won’t fight it.
The company’s stock was “abnormally low,” which led to its delisting. As of the morning of Nov. 17, Magnum Hunter’s common stock (NYSE: MHR) traded at 2 cents.
Magnum Hunter is one of mathe drillers in Ohio’s Utica shale.
Via: Columbus Business First > Magnum Hunter won’t fight NYSE delisting
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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.