Magnum Hunter Resources Announces Dismissal of Last Remaining Stockholder Lawsuit
IRVING, TX--(Marketwired - Jul 24, 2015) - Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE) (the "Company" or "Magnum Hunter") announced today that, on June 22, 2015, the 125th District Court of Harris County, Texas dismissed the last remaining stockholder derivative case against certain of the Company's officers and directors. As previously announced by the Company, a series of stockholder derivative cases were filed against certain of the Company's officers and directors alleging certain breaches of fiduciary duties and other matters in connection with the dismissal by the Company of its independent registered public accounting firm in spring 2013. With this dismissal, the Company and the individual defendants have now been successful in defending all of the derivative cases. In addition, as previously reported by the Company in its public filings with the Securities and Exchange Commission, all of the class action complaints previously filed against the Company and certain of its officers relating to, among other things, such allegations have also been dismissed. Accordingly, all of the shareholder lawsuits relating to these allegations have now been dismissed, and no cash settlements of any form have been paid by the Company or any of the Company's insurance carriers in connection with these lawsuits.
Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter, commented, "Our Board of Directors is very pleased to put these shareholder lawsuits behind us. The plaintiffs brought their claims before nine different judges in seven different courts. Every single one of these judges who considered the plaintiffs' allegations agreed with us that the claims should be dismissed. While this has been a time consuming process, we held our ground and resolved each and every lawsuit without any payments to plaintiffs. All litigation expenses for shareholder lawsuits, other than insurance policy retention amounts, have been covered by our insurance policies."
About Magnum Hunter Resources Corporation
Magnum Hunter Resources Corporation and subsidiaries are an Irving, Texas based independent exploration and production company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in the states of West Virginia and Ohio. The Company is presently active in two of the most prolific unconventional shale resource plays in North America, the Marcellus Shale and Utica Shale located in Northwest West Virginia and Southeast Ohio.
Availability of Information on the Company's Website
Magnum Hunter is providing a reminder that it makes available on its website (at www.magnumhunterresources.com) a variety of information for investors, analysts and the media, including the following:
- annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports as soon as reasonably practicable after the material is electronically filed with or furnished to the Securities and Exchange Commission;
- the most recent version of the Company's Investor Presentation slide deck;
- announcements of conference calls, webcasts, investor conferences, speeches and other events at which Company executives may discuss the Company and its business and archives or transcripts of such events;
- press releases regarding annual and quarterly earnings, operational developments, legal developments and other matters; and
- corporate governance information, including the Company's corporate governance guidelines, committee charters, code of conduct and other governance-related matters.
Magnum Hunter's goal is to maintain its website as the authoritative portal through which visitors can easily access current information about the Company. Over time, the Company intends for its website to become a primary channel for public dissemination of important information about the Company. Investors, analysts, media and other interested persons are encouraged to visit the Company's website frequently.
Certain information included on the Company's website constitutes forward-looking statements and is subject to the qualifications under the heading "Forward-Looking Statements" below and in the Company's Investor Presentation slide deck.
This press release includes "forward-looking statements." All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although Magnum Hunter believes that the expectations reflected in the forward-looking statements are reasonable, Magnum Hunter can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings made by Magnum Hunter with the Securities and Exchange Commission (SEC). Among the factors that could cause results to differ materially are those risks discussed in the periodic reports filed by Magnum Hunter with the SEC, including Magnum Hunter's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and its Quarterly Reports on Form 10-Q for the fiscal quarters ended after such fiscal year. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." Forward-looking statements speak only as of the date of the document in which they are contained, and Magnum Hunter does not undertake any duty to update any forward-looking statements except as may be required by law.
(July 24, 2015 - 8:00 AM EDT)
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