Magnum Hunter Resources Corporation announced that effective as of the market opening this morning, the Company changed its name and ticker symbol to MHR from Petro Resources Corporation. 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.
Mr. Gary C. Evans, Chairman of the Company, commented, "In June 2005 Cimarex, Inc. (AMEX:XEC - News) 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."
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