MHRC on the OTC market Message Board

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Gold/Mining/Energy : MHRC on the OTC market

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From: JakeStraw	8/9/2012 9:27:33 AM
	of 188

Magnum Hunter Reports Financial Results for the Second Quarter of 2012 and Six Months Ended June 30, 2012 finance.yahoo.com Revenues Increased 104% to $60.3 Million Pro Forma Adjusted EBITDA Record High of $41.1 Million for Second Quarter 2012 162% Increase in Average Production Rate From Second Quarter of 2011 Borrowing Base Increased 22% From $212.5 Million to $260 Million Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter Resources, commented, "Financial results for the second quarter and first half of 2012 reflect consistent growth in production, revenues and cash flow. At the same time, maintaining cost control has been paramount and our substantial reduction in lease operating expenses and general and administrative expenses per barrel of oil equivalent produced continues to decline. This allows the cash margin expansion that we have been experiencing each quarter over the past year. Our leasehold acreage position in all five of our shale plays continues to expand, most notably in the Williston Basin and the Eagle Ford, our two oil plays. As crude oil prices have moved back well north of $90.00 per barrel, we continue to increase our commodity hedge position to safeguard future volatility and ensure cash flow down the road. With over $255 million of current and available liquidity, we are sufficiently funded to meet all of our capital needs for the foreseeable future."

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