Contact Information: Contact: Ron Ormand Executive Vice President and Chief Financial Officer rormand@magnumhunterresources.com (832) 369-6986 Ext 231
Petro Resources Announces Name Change to Magnum Hunter Resources Corporation (NYSE Amex: MHR)
| Source: Petro Resources Corporation
HOUSTON, TX--(Marketwire - July 14, 2009) - Magnum Hunter Resources Corporation (NYSE Amex : MHR ) (the "Company") announced today that effective as of the market
opening this morning, the Company changed its name and ticker symbol to MHR
from Petro Resources Corporation (NYSE Amex : PRC ). The corporate name
change is pursuant to the unanimous approval by the Company's Board of
Directors and conforms to Delaware corporate law.
The Company will remain headquartered in Houston, Texas and will maintain
its present physical location. Other than the change in name and ticker
symbol, all aspects of the Company including its Executive Officers, Board
of Directors, operating base and strategic focus on the acquisition and
development of oil and gas producing properties will continue. The company
will also pursue certain unconventional hydrocarbon regions that offer
meaningful levels of current production and substantial upside
opportunities from development of low risk drilling.
Management Comments
Mr. Gary C. Evans, Chairman of the Company, commented, "In June 2005
Cimarex, Inc. (NYSE Amex : XEC ) acquired the old Magnum Hunter Resources in
a $2.2 billion dollar merger transaction. The Magnum Hunter name carried
significant institutional recognition on Wall Street. After the sale of
the company, I was able to secure the rights to use the name 'Magnum Hunter
Resources' again and have now chosen Petro Resources Corporation as the
corporate entity to use this brand. One of the issues I felt was very
important when I joined the Company in late May 2009 as Chairman, was to
cause the corporate name change to Magnum Hunter Resources. We had a
tremendous 20 year run at the old Magnum Hunter in creating sequentially
appreciating shareholder value. Further, we intend to bring similar
disciplines we utilized so successfully at the old Magnum Hunter to the new
Magnum Hunter. Specifically, these include a focus on operations and
strategic property acquisition in known geologic regions of the oil patch.
Low finding and development costs, reduced operating costs and low
corporate overhead, are all necessary in an effort to generate superior
returns to shareholders. The merger and acquisition market is showing a
tremendous amount of deal flow, particularly in the distressed asset arena,
and we remain very optimistic that the Company will have the opportunity to
announce specific transactions related to these activities in the near
future."
About Magnum Hunter Resources
Magnum Hunter Resources Corporation and subsidiaries is an independent
exploration and production company engaged in the acquisition of
exploratory leases and producing properties, secondary enhanced oil
recovery projects, exploratory drilling, and production of oil and natural
gas in the United States.
For more information, please view our website at
www.magnumhunterresources.com
Forward-looking Statements
The statements contained in this press release that are not historical are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), and Section 21E
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
including statements, without limitation, regarding the Company's
expectations, beliefs, intentions or strategies regarding the future. Such
forward-looking statements may relate to, among other things: (1) the
Company's proposed exploration and drilling operations on its various
properties, (2) the expected production and revenue from its various
properties, (3) the Company's proposed redirection as an operator of
certain properties and (4) estimates regarding the reserve potential of its
various properties. These statements are qualified by important factors
that could cause the Company's actual results to differ materially from
those reflected by the forward-looking statements. Such factors include
but are not limited to: (1) the Company's ability to finance the continued
exploration, drilling and operation of its various properties, (2)
positive confirmation of the reserves, production and operating expenses
associated with its various properties; and (3) the general risks
associated with oil and gas exploration, development and operation,
including those risks and factors described from time to time in the
Company's reports and registration statements filed with the Securities and
Exchange Commission, including but not limited to the Company's Annual
Report on Form 10-K and Form 10-K/A for the year ended December 31, 2008
filed with the Securities and Exchange Commission on March 31, 2009 and
April 29, 2009, respectively, and our subsequently filed reports. The
Company cautions readers not to place undue reliance on any forward-looking
statements. The Company does not undertake, and specifically disclaims any
obligation, to update or revise such statements to reflect new
circumstances or unanticipated events as they occur.