HOUSTON, TX -- (Marketwire) -- 01/03/12 -- Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE Amex: MHR-PrC) and (NYSE Amex: MHR-PrD) (the "Company") announced today that it has declared a monthly cash dividend on the Company's 10.25% Series C Cumulative Perpetual Preferred Stock ("Series C Preferred Stock") and a monthly cash dividend on the Company's 8.0% Series D Cumulative Preferred Stock ("Series D Preferred Stock").
The dividend on the Series C Preferred Stock, which is for the month of January 2012, is payable on January 31, 2012, to holders of record at the close of business on January 17, 2012. The payment will be an annualized 10.25% per share, which is equivalent to approximately $0.2135 per share, based on the $25.00 per share liquidation preference of the Series C Preferred Stock. The Series C Preferred Stock is currently listed on the NYSE Amex and trades under the ticker symbol "MHR-PrC."
The dividend on the Series D Preferred Stock, which is for the month of January 2012, is payable on January 31, 2012, to holders of record at the close of business on January 17, 2012. The payment will be an annualized 8.0% per share, which is equivalent to approximately $0.3333 per share, based on the $50.00 per share liquidation preference of the Series D Preferred Stock. The Series D Preferred Stock is currently listed on the NYSE Amex and trades under the ticker symbol "MHR-PrD."
About Magnum Hunter Resources Corporation
Magnum Hunter Resources Corporation and subsidiaries
are a Houston, Texas based independent exploration and
production company engaged in the acquisition, development
and production of oil and natural gas, primarily in the
states of West Virginia, Kentucky, Ohio, Texas, North
Dakota and Saskatchewan, Canada. The Company is presently
active in three of the most prolific shale resource plays
in North America, namely the Marcellus Shale, Eagle Ford
Shale and Williston Basin/Bakken Shale.
Forward-Looking Statements
The statements and information contained in this
press release that are not statements of historical fact,
including all estimates and assumptions contained herein,
are "forward looking statements" as defined in
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended. These forward looking statements include, among
others, statements, estimates and assumptions relating to
our business and growth strategies, our oil and gas reserve
estimates, our ability to successfully and economically
explore for and develop oil and gas resources, our
exploration and development prospects, future inventories,
projects and programs, expectations relating to
availability and costs of drilling rigs and field services,
anticipated trends in our business or industry, our future
results of operations, our liquidity and ability to finance
our exploration and development activities, market
conditions in the oil and gas industry and the impact of
environmental and other governmental regulation.
Forward-looking statements generally can be identified by
the use of forward-looking terminology such as
"may", "will", "could",
"should", "expect", "intend",
"estimate", "anticipate",
"believe", "project",
"pursue", "plan" or
"continue" or the negative thereof or variations
thereon or similar terminology. These forward-looking
statements are subject to numerous assumptions, risks, and
uncertainties. Factors that may cause our actual results,
performance, or achievements to be materially different
from those anticipated in forward-looking statements
include, among other, the following: adverse economic
conditions in the United States and globally; difficult and
adverse conditions in the domestic and global capital and
credit markets; changes in domestic and global demand for
oil and natural gas; volatility in the prices we receive
for our oil and natural gas; the effects of government
regulation, permitting, and other legal requirements;
future developments with respect to the quality of our
properties, including, among other things, the existence of
reserves in economic quantities; uncertainties about the
estimates of our oil and natural gas reserves; our ability
to increase our production and oil and natural gas income
through exploration and development; our ability to
successfully apply horizontal drilling techniques and
tertiary recovery methods; the number of well locations to
be drilled, the cost to drill, and the time frame within
which they will be drilled; drilling and operating risks;
the availability of equipment, such as drilling rigs and
transportation pipelines; changes in our drilling plans and
related budgets; and the adequacy of our capital resources
and liquidity including, but not limited to, access to
additional borrowing capacity. Because forward-looking
statements are subject to risks and uncertainties, actual
results may differ materially from those expressed or
implied by such statements. Readers are cautioned not to
place undue reliance on forward-looking statements,
contained herein, which speak only as of the date of this
document. Other unknown or unpredictable factors may cause
actual results to differ materially from those projected by
the forward-looking statements. Unless otherwise required
by law, we undertake no obligation to publicly update or
revise any forward-looking statements, including estimates,
whether as a result of new information, future events, or
otherwise. We urge readers to review and consider
disclosures we make in our public filings made from time to
time with the Securities and Exchange Commission that
discuss factors germane to our business, including our
Annual Report on Form 10-K, as amended for the year ended
December 31, 2010 and our Quarterly Reports on Form 10-Q
for the quarters ended March 31, 2011, June 30, 2011 and
September 30, 2011. All forward-looking statements
attributable to us are expressly qualified in their
entirety by these cautionary statements.
Magnum Hunter Contact:
M. Bradley Davis
Senior Vice President of Capital Markets
bdavis@magnumhunterresources.com
(832) 203-4545
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