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Our banker friendz keep wanting to give it away as they whack the paper price down and the eastern countries buy up the physical for cheap.
Wonder how long CALVF will keep trading at a P/E of 2.2?
They pay the dividends on their preferred shares every month so that shouldn't have any effect. I think MHR is starting to draw attention from the big boys and so is being manipulated down so they can accumulate.
Like I've said before, MHR just increased their reserves by $2.05 per share and they issued 35,000,000 shares at $4.50. Those in the know that bought the shares at $4.50 didn't buy them to lose money. Makes no sense that MHR is trading at $3.70.
So, wtf just happened today? $3.80 to $4.37 to $3.66.
I'm holding 25,000 shares at $3.76 so was nice to see it rise, but before noon it was all gone again.
MHR Short Interest - 7/13/2012
Over 21.5% of float
Settlement Short Int Avg Daily Share Volume Days To Cover
7/13/2012 33,573,496 2,759,084 12.168349
6/29/2012 34,149,090 4,234,265 8.064939
6/15/2012 32,883,356 4,006,106 8.208309
5/31/2012 31,648,973 4,329,039 7.310854
5/15/2012 32,835,997 7,837,647 4.189522
4/30/2012 29,971,063 3,494,322 8.577075
4/13/2012 30,320,053 2,800,808 10.825466
3/30/2012 30,265,715 3,602,941 8.400280
3/15/2012 32,900,148 3,726,180 8.829458
2/29/2012 30,745,401 5,340,142 5.757413
2/15/2012 29,357,512 4,035,298 7.275178
1/31/2012 29,060,707 2,856,348 10.174078
1/13/2012 30,175,202 3,742,999 8.061771
12/30/2011 30,785,364 2,889,100 10.655693
12/15/2011 30,771,917 2,955,980 10.410056
11/30/2011 31,650,914 3,039,426 10.413451
11/15/2011 31,286,971 4,171,864 7.499518
10/31/2011 29,393,701 3,596,964 8.171809
10/14/2011 30,165,429 5,379,751 5.607217
9/30/2011 30,305,171 4,472,974 6.775173
9/15/2011 26,930,490 2,491,694 10.808105
8/31/2011 24,635,356 3,441,072 7.159210
8/15/2011 24,151,650 3,289,353 7.342371
7/29/2011 23,533,403 3,064,963 7.678201
7/15/2011 23,686,836 2,130,649 11.117193
Read more: http://www.nasdaq.com/symbol/mhr/short-interest#ixzz22FBMMhNu
So what happened? Did the shorts increase their shares? This thing should be well above $4.50 now.
The exchange is a major factor and also that it is in Zimbabwe. They have a P/E of 2.2 so I don't care where it's located or what exchange it's on. It's going to go to at least $0.25 in short order with the kind of earnings they've been having.
I made a little over $7,000 trading SYNC for just a few days. My last sale was at $16.48 and I haven't touched it since.
I lost $50,000 on another one of NIA's P&Ds, USSIF. NIA's half-life is not very long. You can ride it up if you get in early, but if you get a double, take your profits, get out then stay out.
Just my sentiments...
Glad to hear. I hate the manipulation that comes from wall street. Everyone knows the PM stocks are kept down to support the shorting of the physical PMs. There will come a day of reckoning.
bundyelvis,
Don't capitulate to the evil bankers on wall street. That's exactly what they want you to do! You bought SWC because it was undervalued in the low $8's. It is WAY undervalued now and will go back to $10 in short order. I would hate to see you lose on such a good stock and let wall street beat another main street into submission. Hang in there my friend and wait for it to come back. It will!
-bug
CALVF mining cost is under $600 an ounce. Now read this Seeking Alpha article regarding gold mining costs!
Upped my holdings to 5,000 shares on Friday. Shares were too cheap not to buy!
Magnum Hunter Resources Announces Mid-Year Total Proved Oil & Gas Reserves
Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) ("Magnum Hunter" or the "Company") announced today a 51% increase in the quantity of the Company's estimated total proved reserves at June 30, 2012 as compared to December 31, 2011. The present value of estimated future cash flows, before income taxes, of the Company's estimated total proved reserves as of June 30, 2012, discounted at 10% ("PV-10"), increased 55% to $957.9 million from $616.9 million, as compared to six months ago at year-end 2011.
Magnum Hunter's total proved reserves increased by 22.8 million barrels of oil equivalent ("MMBoe") to 67.7 million Boe (64% crude oil & ngl; 39% proved developed producing) as of June 30, 2012 as compared to 44.9 million Boe (48% crude oil & ngl; 51% proved developed producing) at December 31, 2011. This increase was driven primarily through organic growth/extensions (14.7 MMBoe), the recent Bakken acquisition (8.7 MMBoe) and the Eagle Operating acquisition (2.2 MMBoe).
The present value (PV-10) of the Company's proved reserves at June 30, 2012 increased by $341.0 million or 55% to $957.9 million from $616.9 million at December 31, 2011. Under SEC guidelines, the commodity prices used in the June 30, 2012 and December 31, 2011 PV-10 estimates were based on the 12-month unweighted arithmetic average of the first day of the month price for the periods January 1, 2012 through June 30, 2012, and for the periods January 1, 2011 through December 31, 2011, respectively, adjusted by lease for transportation fees and regional price differentials. For crude oil and ngl volumes, the average West Texas Intermediate posted price of $95.67 per barrel at June 30, 2012, was down 0.5% from the average price of $96.19 per barrel at December 31, 2011. For natural gas volumes, the average price of the Henry Hub spot price of $3.13 per million British thermal units ("MMBTU") at June 30, 2012 was down 24% from the average price of $4.11 per MMBTU at December 31, 2011. All prices were held constant throughout the estimated economic life of the properties.
The estimates of Magnum Hunter's total proved reserves as of December 31, 2011 were prepared solely by the Company's third-party engineering consultants, Cawley Gillespie & Associates, Inc. and AJM Deloitte. For the June 30, 2012 reserve review, Cawley Gillespie & Associates, Inc. prepared the Eagle Ford and Appalachia divisions proved reserve reports, and AJM Deloitte provided an audit of the Williston Basin proved reserves, which included Canada.
Note: PV-10 is a non-GAAP financial measure and should not be considered an alternative to the standardized measure of discounted future net cash flows as defined under GAAP; see "Non-GAAP Measures: Reconciliation to Standardized Measure" below for the Company's definition of PV-10 and a reconciliation to the standardized measure.
Resource Potential
The Company's internal engineering team has also evaluated the resource potential of Magnum Hunter's existing undeveloped mineral lease acreage position in the Company's four unconventional shale plays. The estimate of the Company's current resource potential is summarized by region as follows:
Potential Locations Unrisked Net
-----------------------------
Area Reservoir Gross Net Reserves (MMBoe)
Eagle Ford
Hunter Eagle Ford 337 165 65
Williston
Hunter Bakken/TFS 3,049 824 252
Triad Hunter Marcellus 362 307 243
MH Production Devonian Shale 586 586 45
-------------- -------------- -------------- -------------- ----------------
Total 4,334 1,882 605
Based upon this new evaluation, Magnum Hunter's unrisked net resource potential has increased 23% from 493 MMBoe to 601 MMBoe, when compared to last year's internally generated resource potential evaluation.
Magnum Hunter Management Comments
Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter, commented, "We are pleased to report another substantial increase in our proved reserves over just a six month time period. Management is marching forward in achieving our near term goal of 100 million barrels of total proven reserves for the benefit of our shareholders. The Williston Basin Division, due to recent acquisition efforts and continued drilling success, now represents 40% of our total proved reserves and crude oil has increased to 64% of our total proved reserve commodity mix. We believe the greater diversity of product type in our total proved reserves is especially prudent in today's volatile commodity markets. The resource potential of our leasehold mineral acreage position is now almost ten times our proven reserves. As we continue to develop the Company's four shale plays, the ability to book this significant potential upside resource as new proven reserves will accelerate."
Non-GAAP Measures: Reconciliation to Standardized Measure
This release contains certain financial measures that are non-GAAP measures. We have provided reconciliations within this release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, measures for financial performance prepared in accordance with GAAP that are presented in this release. PV-10 is the present value of the estimated future cash flows from estimated total proved reserves after deducting estimated production and ad valorem taxes, future capital costs and operating expenses, but before deducting any estimates of future income taxes. The estimated future cash flows are discounted at an annual rate of 10% to determine their "present value." We believe PV-10 to be an important measure for evaluating the relative significance of our oil and gas properties and that the presentation of the non-GAAP financial measure of PV-10 provides useful information to investors because it is widely used by professional analysts and investors in evaluating oil and gas companies. Because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid, we believe the use of a pre-tax measure is valuable for evaluating the Company. We believe that PV-10 is a financial measure routinely used and calculated similarly by other companies in the oil and gas industry. However, PV-10 should not be considered as an alternative to the standardized measure as computed under GAAP.
The standardized measure of discounted future net cash flows relating to Magnum Hunter Resources total proved oil and gas reserves is as follows (in thousands):
As of June 30,
2012
----------------
Future cash inflows $ 4,006,810
Future production costs (1,257,817)
Future development costs (696,836)
Future income tax expense (448,608)
----------------
Future net cash flows 1,603,549
10% annual discount for estimatedtiming of cash flows (911,746)
----------------
Standardized measure of discounted future
net cash flows related to proved reserves $ 691,803
----------------
Reconciliation of Non-GAAP Measure
PV-10 $ 957,873
Less: Income taxes
Undiscounted future income taxes (448,608)
10% discount factor 182,537
----------------
Future discounted income taxes (266,071)
Standardized measure of discounted future net cash flows $ 691,802
================
About Magnum Hunter Resources Corporation
Magnum Hunter Resources Corporation is an independent exploration and production company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in West Virginia, Kentucky, Ohio, Texas, North Dakota and Saskatchewan, Canada. The Company is active in four of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, Eagle Ford Shale and Williston Basin/Bakken Shale. Magnum Hunter Resources is based in Houston, Texas. For more information, visit http://www.magnumhunterresources.com.
Forward-Looking Statements
The statements and information contained in this press release that are not statements of historical fact, including any estimates and assumptions contained herein, are "forward looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, referred to as the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, referred to as the Exchange Act. These forward-looking statements include, among others, statements, estimates and assumptions relating to our business and growth strategies, our oil and gas reserve estimates, our ability to successfully and economically explore for and develop oil and gas resources, our exploration and development prospects, future inventories, projects and programs, expectations relating to availability and costs of drilling rigs and field services, anticipated trends in our business or industry, our future results of operations, our liquidity and ability to finance our exploration and development activities and our midstream activities, market conditions in the oil and gas industry and the impact of environmental and other governmental regulation. In addition, with respect to any pending acquisitions described herein, forward-looking statements include, but are not limited to, statements regarding the expected timing of the completion of the proposed transactions; the ability to complete the proposed transactions considering the various closing conditions; the benefits of such transactions and their impact on the Company's business; and any statements of assumptions underlying any of the foregoing. In addition, if and when any proposed transaction is consummated, there will be risks and uncertainties related to the Company's ability to successfully integrate the operations and employees of the Company and the acquired business. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "could," "should," "expect," "intend," "estimate," "anticipate," "believe," "project," "pursue," "plan" or "continue" or the negative thereof or variations thereon or similar terminology.
These forward-looking statements are subject to numerous assumptions, risks, and uncertainties. Factors that may cause our actual results, performance, or achievements to be materially different from those anticipated in forward-looking statements include, among others, the following: adverse economic conditions in the United States, Canada and globally; difficult and adverse conditions in the domestic and global capital and credit markets; changes in domestic and global demand for oil and natural gas; volatility in the prices we receive for our oil and natural gas; the effects of government regulation, permitting and other legal requirements; future developments with respect to the quality of our properties, including, among other things, the existence of reserves in economic quantities; uncertainties about the estimates of our oil and natural gas reserves; our ability to increase our production and oil and natural gas income through exploration and development; our ability to successfully apply horizontal drilling techniques; the effects of increased federal and state regulation, including regulation of the environmental aspects, of hydraulic fracturing; the number of well locations to be drilled, the cost to drill and the time frame within which they will be drilled; drilling and operating risks; the availability of equipment, such as drilling rigs and transportation pipelines; changes in our drilling plans and related budgets; regulatory, environmental and land management issues, and demand for gas gathering services, relating to our midstream operations; and the adequacy of our capital resources and liquidity including, but not limited to, access to additional borrowing capacity.
These factors are in addition to the risks described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's 2011 annual report on Form 10-K, as amended, filed with the Securities and Exchange Commission, which we refer to as the SEC. Most of these factors are difficult to anticipate and beyond our control. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such statements. You are cautioned not to place undue reliance on forward-looking statements contained herein, which speak only as of the date of this document. Other unknown or unpredictable factors may cause actual results to differ materially from those projected by the forward-looking statements. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We urge readers to review and consider disclosures we make in our reports that discuss factors germane to our business. See in particular our reports on Forms 10-K, 10-Q and 8-K subsequently filed from time to time with the SEC. All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2039510
Contact:
Gabe Scott
Vice President -- Capital Markets and Corporate Development
ir@magnumhunterresources.com
(832) 203-4539
Well, we fell to $3.56 today, but the thing we have to remember is just a few weeks ago 35,000,000 shares were sold for $4.50! And the increase in reserves just added $2.05 of shareholder value. Wall Street is just trying to shake everyone lose from their shares. Don't fall for it!!! We'll be back above $4 next week!
And here it is!
Synacor (SYNC) is the opportunity of a lifetime after the correction it made the past couple of days and NIA believes it could make an absolutely huge bounce on Monday morning! SYNC right now is probably the most oversold we saw any stock in years! SYNC's biggest week in history is ahead!
SYNC is releasing 2Q results after the close next week on Wednesday July 25th! SYNC beat analyst expectations the last two quarters in a row and soared 50% in just two weeks following each of its last two earnings announcements.
SYNC reported 1Q revenues of $30.67 million up 64.1% from year-ago 1Q 2011 revenues of $18.69 million. The average analyst estimates SYNC to report 2Q revenues of $30.68 million up 57.6% from 2Q 2011 revenues of $19.47 million.
SYNC has consistently been reporting huge revenue growth not just on a year-over-year basis, but also on a consecutive quarter basis. SYNC's 1Q revenues of $30.67 were up 5.9% from 4Q 2011 revenues of $28.95 million. SYNC's 4Q 2011 revenues were up 20.9% from 3Q 2011 revenues of $23.95 million. SYNC's 3Q 2011 revenues were up 23% from 2Q 2011 revenues of $19.47 million. SYNC's 2Q 2011 revenues were up 4.2% from 1Q 2011 revenues of $18.69 million.
SYNC's quarter-to-quarter revenue growth over the past four quarters has averaged 13.5%. However, analysts are estimating SYNC's 2Q 2012 revenues to be even with the 1Q. NIA is confident that SYNC will not only beat analyst expectations, but destroy estimates and shock Wall Street with unbelievably strong 2Q results!
When SYNC was trading in between the $15 and $18 range, many NIA members were emailing us asking if strong 2Q results were already factored into SYNC's share price. Besides the average analyst estimating SYNC's 2Q revenues to be $30.68 million, SYNC issued guidance in their 1Q results press release for 2Q revenues of between $30.5 million and $31 million. NIA believes that if SYNC beat analyst estimates of $30.68 million and reported 2Q revenues of $31 million, which is the high end of SYNC's guidance, SYNC would probably fall slightly the next day if it was already trading above $15.
If SYNC was already trading between $15 and $18, in NIA's opinion, in order for SYNC to breakout above $20 the next day SYNC would need to report 2Q revenues that increased at least 5% from 1Q revenues of $30.67. Meaning, NIA believes SYNC would need to report 2Q revenues of at least $32.2 million for year-over-year revenue growth of 65% for the stock to rally above $20 following the release of 2Q results.
At SYNC's current price of $11.25, NIA is confident that no positive expectations for 2Q results are currently priced into the stock whatsoever. NIA believes if SYNC merely reports 2Q revenues of $31 million, at the high-end of guidance, SYNC could rally from $11.25 to around $14-$15 per share. If SYNC blows away expectations and reports 2Q revenues of $32.2 million or more with the stock at only $11.25, we could see SYNC make its biggest single day rally in history the next day!
If you want to see why NIA believes SYNC has such a good chance of blowing away expectations, take a look at each of the links below to see estimated traffic to SYNC's biggest revenue generating TV Everywhere portals:
http://siteanalytics.compete.com/centurylink.net/
http://siteanalytics.compete.com/mycenturylink.com/
http://siteanalytics.compete.com/verizon.net/
http://siteanalytics.compete.com/charter.net/
3 out of 4 of SYNC's biggest revenue generating TV Everywhere portals saw record traffic in the month of June, the final month of the 2Q! All of them saw huge increases in monthly unique visitors for the 2Q over the 1Q!
NIA had to reduce its position due to a margin call but still holds more than its entire initial position! NIA feels strongly that SYNC at $11.25 is the biggest opportunity of our lives!
NIA isn't an analyst or investment advisor. Don't invest based on anything NIA says. NIA doesn't recommend for you to buy or sell any stocks. NIA never makes any financial projections or target prices.
Disclaimer: NIA currently owns 410,390 shares of SYNC. NIA intends to sell these shares in the future and can do so at any time. NIA reserves the right to add to its SYNC position at any time.
NIA is not an investment advisor. This email is not a solicitation or recommendation to buy, sell, or hold securities. Never make investment decisions based on anything NIA says. This email is meant for informational and educational purposes only and does not provide investment advice.
Additional legal disclaimer information: http://inflation.us/legaldisclaimer.html
überschatten, MHR just released great news. This take down is just for wall street to steal everyone's shares. It will be back to $4.50 in no time. Hold on!
I don't know. Sure is strange!
Nobody willing to sell at give away prices this morning. I keep trying though!
Scottrade is who I use.
Is our P/E below 1.0 now?
Woo Hoo!!! Shares are going cheap! $0.054 to close today. Unfortunately I didn't get any, but will be back in the hunt tomorrow.
Moving up nicely today as well! 7% just before close.
Haven't bought any yet as I would need to sell something first. I'm riding all the others up today and may take some profits this afternoon. Will continue to watch SWC.
Only 100 shares were traded at $7.48. 100 shares were also traded at $7.39. I believe it was someone trying to scare people out of their shares. I don't own any right now, but I like the $8.13 offer.
Hi bundy, how about $7.39 trading in pre-market...?
This is great news! I was just getting ready to post the same info. Thanks for getting out front with it!
Yes, it should. Markets are no longer driven by fundamentals. If they were MHR would be back above $7.00. Bide your time; MHR will return once the chart traders have their way!
Someone dumping off shares at $0.065. Gonna try to pick up 50k of them...
Magnum Hunter Resources Announces Mid-Year Total Proved Oil & Gas Reserves
7/16/12 - Marketwire via Comtex
Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) ("Magnum Hunter" or the "Company") announced today a 51% increase in the quantity of the Company's estimated total proved reserves at June 30, 2012 as compared to December 31, 2011. The present value of estimated future cash flows, before income taxes, of the Company's estimated total proved reserves as of June 30, 2012, discounted at 10% ("PV-10"), increased 55% to $957.9 million from $616.9 million, as compared to six months ago at year-end 2011.
Magnum Hunter's total proved reserves increased by 22.8 million barrels of oil equivalent ("MMBoe") to 67.7 million Boe (64% crude oil & ngl; 39% proved developed producing) as of June 30, 2012 as compared to 44.9 million Boe (48% crude oil & ngl; 51% proved developed producing) at December 31, 2011. This increase was driven primarily through organic growth/extensions (14.7 MMBoe), the recent Bakken acquisition (8.7 MMBoe) and the Eagle Operating acquisition (2.2 MMBoe).
The present value (PV-10) of the Company's proved reserves at June 30, 2012 increased by $341.0 million or 55% to $957.9 million from $616.9 million at December 31, 2011. Under SEC guidelines, the commodity prices used in the June 30, 2012 and December 31, 2011 PV-10 estimates were based on the 12-month unweighted arithmetic average of the first day of the month price for the periods January 1, 2012 through June 30, 2012, and for the periods January 1, 2011 through December 31, 2011, respectively, adjusted by lease for transportation fees and regional price differentials. For crude oil and ngl volumes, the average West Texas Intermediate posted price of $95.67 per barrel at June 30, 2012, was down 0.5% from the average price of $96.19 per barrel at December 31, 2011. For natural gas volumes, the average price of the Henry Hub spot price of $3.13 per million British thermal units ("MMBTU") at June 30, 2012 was down 24% from the average price of $4.11 per MMBTU at December 31, 2011. All prices were held constant throughout the estimated economic life of the properties.
The estimates of Magnum Hunter's total proved reserves as of December 31, 2011 were prepared solely by the Company's third-party engineering consultants, Cawley Gillespie & Associates, Inc. and AJM Deloitte. For the June 30, 2012 reserve review, Cawley Gillespie & Associates, Inc. prepared the Eagle Ford and Appalachia divisions proved reserve reports, and AJM Deloitte provided an audit of the Williston Basin proved reserves, which included Canada.
Note: PV-10 is a non-GAAP financial measure and should not be considered an alternative to the standardized measure of discounted future net cash flows as defined under GAAP; see "Non-GAAP Measures: Reconciliation to Standardized Measure" below for the Company's definition of PV-10 and a reconciliation to the standardized measure.
Resource Potential
The Company's internal engineering team has also evaluated the resource potential of Magnum Hunter's existing undeveloped mineral lease acreage position in the Company's four unconventional shale plays. The estimate of the Company's current resource potential is summarized by region as follows:
Potential Locations Unrisked Net
-----------------------------
Area Reservoir Gross Net Reserves (MMBoe)
Eagle Ford
Hunter Eagle Ford 337 165 65
Williston
Hunter Bakken/TFS 3,049 824 252
Triad Hunter Marcellus 362 307 243
MH Production Devonian Shale 586 586 45
-------------- -------------- -------------- -------------- ----------------
Total 4,334 1,882 605
Based upon this new evaluation, Magnum Hunter's unrisked net resource potential has increased 23% from 493 MMBoe to 601 MMBoe, when compared to last year's internally generated resource potential evaluation.
Magnum Hunter Management Comments
Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter, commented, "We are pleased to report another substantial increase in our proved reserves over just a six month time period. Management is marching forward in achieving our near term goal of 100 million barrels of total proven reserves for the benefit of our shareholders. The Williston Basin Division, due to recent acquisition efforts and continued drilling success, now represents 40% of our total proved reserves and crude oil has increased to 64% of our total proved reserve commodity mix. We believe the greater diversity of product type in our total proved reserves is especially prudent in today's volatile commodity markets. The resource potential of our leasehold mineral acreage position is now almost ten times our proven reserves. As we continue to develop the Company's four shale plays, the ability to book this significant potential upside resource as new proven reserves will accelerate."
Non-GAAP Measures: Reconciliation to Standardized Measure
This release contains certain financial measures that are non-GAAP measures. We have provided reconciliations within this release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, measures for financial performance prepared in accordance with GAAP that are presented in this release. PV-10 is the present value of the estimated future cash flows from estimated total proved reserves after deducting estimated production and ad valorem taxes, future capital costs and operating expenses, but before deducting any estimates of future income taxes. The estimated future cash flows are discounted at an annual rate of 10% to determine their "present value." We believe PV-10 to be an important measure for evaluating the relative significance of our oil and gas properties and that the presentation of the non-GAAP financial measure of PV-10 provides useful information to investors because it is widely used by professional analysts and investors in evaluating oil and gas companies. Because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid, we believe the use of a pre-tax measure is valuable for evaluating the Company. We believe that PV-10 is a financial measure routinely used and calculated similarly by other companies in the oil and gas industry. However, PV-10 should not be considered as an alternative to the standardized measure as computed under GAAP.
The standardized measure of discounted future net cash flows relating to Magnum Hunter Resources total proved oil and gas reserves is as follows (in thousands):
As of June 30,
2012
----------------
Future cash inflows $ 4,006,810
Future production costs (1,257,817)
Future development costs (696,836)
Future income tax expense (448,608)
----------------
Future net cash flows 1,603,549
10% annual discount for estimated timing of cash flows (911,746)
----------------
Standardized measure of discounted future
net cash flows related to proved reserves $ 691,803
----------------
Reconciliation of Non-GAAP Measure
PV-10 $ 957,873
Less: Income taxes
Undiscounted future income taxes (448,608)
10% discount factor 182,537
----------------
Future discounted income taxes (266,071)
Standardized measure of discounted future net cash flows $ 691,802
================
About Magnum Hunter Resources Corporation
Magnum Hunter Resources Corporation is an independent exploration and production company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in West Virginia, Kentucky, Ohio, Texas, North Dakota and Saskatchewan, Canada. The Company is active in four of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, Eagle Ford Shale and Williston Basin/Bakken Shale. Magnum Hunter Resources is based in Houston, Texas. For more information, visit http://www.magnumhunterresources.com.
Forward-Looking Statements
The statements and information contained in this press release that are not statements of historical fact, including any estimates and assumptions contained herein, are "forward looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, referred to as the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, referred to as the Exchange Act. These forward-looking statements include, among others, statements, estimates and assumptions relating to our business and growth strategies, our oil and gas reserve estimates, our ability to successfully and economically explore for and develop oil and gas resources, our exploration and development prospects, future inventories, projects and programs, expectations relating to availability and costs of drilling rigs and field services, anticipated trends in our business or industry, our future results of operations, our liquidity and ability to finance our exploration and development activities and our midstream activities, market conditions in the oil and gas industry and the impact of environmental and other governmental regulation. In addition, with respect to any pending acquisitions described herein, forward-looking statements include, but are not limited to, statements regarding the expected timing of the completion of the proposed transactions; the ability to complete the proposed transactions considering the various closing conditions; the benefits of such transactions and their impact on the Company's business; and any statements of assumptions underlying any of the foregoing. In addition, if and when any proposed transaction is consummated, there will be risks and uncertainties related to the Company's ability to successfully integrate the operations and employees of the Company and the acquired business. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "could," "should," "expect," "intend," "estimate," "anticipate," "believe," "project," "pursue," "plan" or "continue" or the negative thereof or variations thereon or similar terminology.
These forward-looking statements are subject to numerous assumptions, risks, and uncertainties. Factors that may cause our actual results, performance, or achievements to be materially different from those anticipated in forward-looking statements include, among others, the following: adverse economic conditions in the United States, Canada and globally; difficult and adverse conditions in the domestic and global capital and credit markets; changes in domestic and global demand for oil and natural gas; volatility in the prices we receive for our oil and natural gas; the effects of government regulation, permitting and other legal requirements; future developments with respect to the quality of our properties, including, among other things, the existence of reserves in economic quantities; uncertainties about the estimates of our oil and natural gas reserves; our ability to increase our production and oil and natural gas income through exploration and development; our ability to successfully apply horizontal drilling techniques; the effects of increased federal and state regulation, including regulation of the environmental aspects, of hydraulic fracturing; the number of well locations to be drilled, the cost to drill and the time frame within which they will be drilled; drilling and operating risks; the availability of equipment, such as drilling rigs and transportation pipelines; changes in our drilling plans and related budgets; regulatory, environmental and land management issues, and demand for gas gathering services, relating to our midstream operations; and the adequacy of our capital resources and liquidity including, but not limited to, access to additional borrowing capacity.
These factors are in addition to the risks described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's 2011 annual report on Form 10-K, as amended, filed with the Securities and Exchange Commission, which we refer to as the SEC. Most of these factors are difficult to anticipate and beyond our control. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such statements. You are cautioned not to place undue reliance on forward-looking statements contained herein, which speak only as of the date of this document. Other unknown or unpredictable factors may cause actual results to differ materially from those projected by the forward-looking statements. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We urge readers to review and consider disclosures we make in our reports that discuss factors germane to our business. See in particular our reports on Forms 10-K, 10-Q and 8-K subsequently filed from time to time with the SEC. All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements.
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Contact:
Gabe Scott
Vice President -- Capital Markets and Corporate Development
ir@magnumhunterresources.com
(832) 203-4539
SOURCE: Magnum Hunter Resources
mailto:ir@magnumhunterresources.com
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Picked up another 1,400 today at $7.27. Riding this one back to $50+ when Romney boy elected!
Go Mets!
Right on realest! But let me accumulate several hundred more thousand shares first!
Alright, no one is posting. This cannot go much lower, and when obummer gets voted out, coal, oil and gas will sky-rocket! To the moon Alice!!! Bought few thousand more at $7.98 today. Will sell at $67.98! LOL!!!
Silver and gold up nicely today, but all miners are down. What's the meaning? Using miners to manipulate Au & Ag...?
Out 100% in premarket at $16.62. Looking to get back in mid-week around $14.00. But who knows...? Mid-week may be $25!
aGREED! At what level will we begin tripping short stop losses?
If it was good to short at $13 or $14, it must be really good to short at $15.99, REG SHO or not. They'll pay the price in the long run.
Suebarth, Why do you think CALVF keeps going down when gold is going up?
Yes, looks like more selling than buying.
Looks like someone dumped off 35,000 shares at market trying to trigger a bunch of stop losses. Price fell temporarily to $14.04 then immediately ran back to $14.28. BULLISH!
Pity the poor fool that sold at $13.50 this morning!
NIA email 4:54EDT 7/1/12
NIA believes that its #1 favorite stock suggestion and largest position Synacor (SYNC) is about to have the best looking chart in the whole entire market and possibly the strongest chart that NIA has seen out of all of the stocks it has followed in history!
SYNC's incredibly impressive two-month chart is below. After SYNC's initial run in early May from $8.84 to a high of $13.60 in four days, SYNC gave back all of its gains due to amateur short sellers aggressively shorting the stock without having any knowledge about SYNC's unbelievably huge TV Everywhere traffic growth that NIA believes will lead to record quarterly results this month that blow away analyst expectations. The shorts obviously also had no idea that SYNC would be working with NBC on the authentication of TV Everywhere users for the Olympics, which NIA just found out about last week!
As some of the shorts began covering, SYNC soared in late-May past its previous high of $13.60, reaching a new all time high of $15. The shorts were about to get squeezed and SYNC could have quickly soared as high as $30 in early June, but the desperate shorts went to their analyst friends for help who downgraded the stock to help buy the shorts more time and postpone the inevitable short squeeze. SYNC attempted another rally to $15 in the first half of June, but was met with some profit taking and additional short selling that temporarily pushed SYNC back down. NIA believes the weak hands are gone and any SYNC shareholders who place limit orders to take profits at $15 will feel like killing themselves soon as the 2.8 million shares short representing 35.3% of SYNC's float are forced to cover in the open market in the weeks ahead!
NIA finds it extremely bullish that SYNC bottomed on June 22nd higher than its bottom on June 5th. An even more bullish sign is that fact that SYNC is now on a 4-day winning streak. The last time SYNC saw a 4-day winning steak was in late April and it turned into a 10-day winning streak with SYNC rising as much as 112% during this 10-trading day period! If history repeats itself, based on SYNC's June 25th closing price of $11.55 before its current rally began, if SYNC gains 112% during its current rally it could make a run over the next 6 trading days to $24.49 per share. If we receive any news about the London Olympics, this type of a 6-day run is a possibility.
NIA is very confident that the current huge rally is only getting started based on the fact that SYNC on Friday surpassed its key resistance level of $13.86, which was SYNC's June 20th intraday high. The combination of SYNC bottoming on June 22nd above its June 5th low and rising on Friday to above its June 20th high, has given SYNC one of the most bullish charts in the market today. After another day or two, NIA believes SYNC could potentially have the #1 most bullish chart in the market today and we could see SYNC rapidly become one of the hottest technical plays in the entire market with massive short-term gains. NIA anticipates that a rally by SYNC to substantially higher levels will be permanent due to its amazing fundamentals and growth, and SYNC likely to report amazing 2Q results this month based on compete.com estimates indicating that SYNC's TV Everywhere portals saw absolutely huge traffic growth in the 2Q!
At this present time, NIA considers SYNC to be the most extremely undervalued rapidly growing technology stock in existence today with the most short-term upside potential. SYNC went public completely under the radar without any of the major media coverage that every other cloud related IPO received in 2012. Not only were there no major articles written about SYNC exposing it as a cloud computing play, but nobody wrote about SYNC's 25% market share in the TV Everywhere space!
NIA is actually very happy that SYNC wasn't publicly exposed earlier this year as the #1 TV Everywhere play as well as one of the biggest cloud computing plays, otherwise we are sure SYNC would already be trading well above $30 per share right now. NIA added 10,800 shares of SYNC to its position on Friday. With IBD featuring SYNC in a very bullish article this weekend that highlighted how TV Everywhere is the next big thing in media and SYNC is the best positioned publicly traded company to benefit from the TV Everywhere craze that is set to be unleashed this month with the start of the London Olympics, the word is now beginning to spread about SYNC to the general public for the first time ever and these next few weeks could be the most exciting in history for NIA members!
Remember, NIA has 100% confirmed that NBC is using SYNC's TV Everywhere technology to authenticate users for the TV Everywhere viewing of the Olympics, which is by far the largest digital video project of all time! So far, neither SYNC or NBC have publicly announced their relationship, but NIA is sure a press release will come soon and once the word spreads about SYNC working closely with NBC for the TV Everywhere viewing of the Olympics, SYNC could explode to astronomically high levels on absolutely huge volume, especially with 2.8 million shares currently sold short that NIA believes will be forced to cover in the weeks ahead!
NIA isn't an analyst or investment advisor. Don't invest based on anything NIA says. NIA doesn't recommend for you to buy or sell any stocks. NIA never makes any financial projections or target prices.
Disclaimer: NIA currently owns 491,599 shares of SYNC. NIA initially purchased 350,000 shares at an average price of $8.53 per share. NIA originally agreed to a 60 day holding period on its initial position of 350,000 shares that NIA has extended for an additional 7 days, but NIA intends to sell these shares at some point in the future after the date of July 9th, 2012. NIA has accumulated an additional 141,599 shares of SYNC after its suggestion of the company. NIA intends to sell these additional 141,599 shares in the future and can do so at any time. NIA reserves the right to add to its SYNC position at any time.
NIA is not an investment advisor. This email is not a solicitation or recommendation to buy, sell, or hold securities. Never make investment decisions based on anything NIA says. This email is meant for informational and educational purposes only and does not provide investment advice.
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