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	9/16/2014 8:33:24 AM
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Magnum Hunter Resources Announces Partnership With Morgan Stanley Infrastructure on Eureka Hunter finance.yahoo.com Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter and Eureka Hunter, commented, "With the agreement signed yesterday, we accomplished the following events. First, there will no longer be a cash preferred dividend payment to any equity holder which is a savings of approximately $16 million per year to Eureka Hunter. Second, we have eliminated Magnum Hunter's need to fund future capital costs at the Eureka Hunter level for rolling six month periods. Third, we have agreed to sell to our new business partner an equity interest that values the entire enterprise at $1 billion. Lastly, we have found a new equity partner that has a similar vision and business philosophy as our management team and board which will allow this tremendous asset to grow and prosper in preparation for an anticipated MLP offering sometime next year."

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