Magnum

After a year of steep losses, dwindling cash flow and growing debt, Magnum Hunter Resources Corp. said Tuesday that it has filed for Chapter 11 bankruptcy protection in a final effort to restructure the company and clean up its balance sheet.

The outlook for Magnum Hunter Resources Corp. appears increasingly bleak as it continues to suffer losses from continuing operations, is in default with its creditors, has a capital deficit of more than $1 billion and is now facing the termination of its natural gas gathering services.

After months of trying but failing to sell-off a series of assets or execute other meaningful deals to cure its leveraged balance sheet, Magnum Hunter Resources Corp. has hired financial and legal advisers to explore “strategic alternatives,” indicating that it would solicit all possible offers.

Magnum Hunter Resources Corp. has entered a non-binding agreement with an undisclosed private equity fund to farm-out 28,500 net acres in Ohio to jointly develop unproven Marcellus and Utica Shale acreage that could net the company up to $430 million in sorely needed cash.

Magnum Hunter Resources Corp. said Thursday it would sell midstream subsidiary Eureka Hunter Holdings LLC in a move that finds the company shopping one of its paramount assets to address a liquidity crunch.

Magnum Hunter Resources Corp. said Thursday it would sell midstream subsidiary Eureka Hunter Holdings LLC in a move that finds the company shopping one of its paramount assets to address a liquidity crunch.

Magnum Hunter Resources Corp. said Thursday it would sell midstream subsidiary Eureka Hunter Holdings LLC in a move that finds the company…

Magnum Hunter Resources Corp. said Thursday it would sell midstream subsidiary Eureka Hunter Holdings LLC in a move that finds the company shopping one of its paramount assets to address a liquidity crunch.

Magnum Hunter Resources Corp. on Tuesday announced a deal to sell 5,210 net acres in Tyler County, WV, to an undisclosed operator, checking-off one item on a long list it has been working on to generate more cash and jump-start its idled operations in the Appalachian Basin.