Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Magnum Hunter Warns of Bankruptcy Joins Other Weakened Oil, Gas Companies

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Magnum Hunter Warns of Bankruptcy Joins Other Weakened Oil, Gas Companies

Article excerpt

About a month after Magnum Hunter Resources Corp. said it had hired advisers to help boost the struggling company's financial position, the oil and gas producer warned that it may be heading toward bankruptcy.

It joins other oil and gas companies reeling from the body blows dealt by plummeting commodity prices - many have announced layoffs, suspended drilling in some areas or sold assets.

In a filing with the U.S. Securities and Exchange Commission this week, Magnum Hunter said seeking protection under Chapter 11 of the bankruptcy code "may be unavoidable." Magnum Hunter has operations in the Marcellus Shale in West Virginia and Ohio, and the Utica Shale in southeastern Ohio and western West Virginia.

During the first quarter of 2015, the Texas-based company suspended its drilling operations and said it didn't expect to resume "until our liquidity position has been stabilized."

Meanwhile, the New York Stock Exchange said Tuesday it would begin delisting the common stock of Magnum Hunter due to "abnormally low" price levels. …

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