Magnum Hunter Resources Corp., which emerged from bankruptcy in May under a new structure and leadership team, has changed its name to Blue Ridge Mountain Resources Inc.
The change became effective this week. The names of the company's operating subsidiaries, such as Triad Hunter LLC and Magnum Hunter Production Inc., among others in West Virginia, Ohio, Kentucky and North Dakota, have not yet been changed, but the company said that would happen in the coming weeks. Blue Ridge has also scrapped its old URL and changed its website to www.brmresources.com.
CEO John Reinhart said the rebranding is a key part of the company's strategy for "growth and value optimization" of its core assets in the Appalachian Basin. Reinhart was named CEO in September after the company emerged from bankruptcy and ousted former CEO and founder Gary Evans. Evans has since founded Energy Hunter Resources Inc., which is currently focused on the Eagle Ford Shale and the Permian Basin.
The company wiped out $1 billion of debt and converted debtor-in-possession financing into equity under an agreement with lenders that was approved last year. Steep financial losses, dwindling cash flow and growing debt that were exacerbated by the commodities downturn forced Magnum to declare bankruptcy in December 2015. Prior to the bankruptcy, the company sold assets in Texas, North Dakota and Canada to build up a core in the Appalachian Basin.
Blue Ridge is now headquartered in Irving, TX. It is currently active in both the Marcellus and Utica shales. The region is home to the Blue Ridge Mountains, which stretch from Georgia to Pennsylvania. They're a part of the larger Appalachian Mountains.