Magnum appoints new COO; receives NYSE notification

Magnum Hunter Resources Corp. (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE), which is active in the Marcellus and Utica shale plays, has appointed Keith Yankowsky as executive vice president and COO.

Prior to his new role, Yankowsky served as vice president of the Appalachia South business unit at Chesapeake Energy Corp. During his nine-year tenure at Chesapeake, he also served as vice president of engineering technology and special projects, and was involved in overseeing a variety of engineering and operational functions related to horizontal drilling and fracture stimulation techniques within the Marcellus and Utica shale plays. In addition, he was responsible for the development and growth of certain Appalachian assets for Chesapeake. Before joining Chesapeake, Yankowsky served in various operational and engineering roles at Burlington Resources and Conoco Inc. He earned a Bachelor of Science degree in petroleum engineering from Marietta College in Marietta, Ohio.

The company has also announced that, on Aug. 31, it received notice from the New York Stock Exchange (NYSE) that Magnum is no longer in compliance with the NYSE's continued listing standards for the company's common stock because the average closing price of the company's common stock has fallen below the NYSE's per share price requirements. NYSE rules require that the average closing price of a listed company's common stock be at least $1 per share over a consecutive 30-trading-day period. As of Aug. 26, the average closing price of Magnum’s common stock over the preceding consecutive 30-trading-day period was $0.99 per share.

Under the NYSE's rules, Magnum has a period of six months, subject to possible extension, to regain compliance with the NYSE's continued listing standards. The company can regain compliance if, during the six-month period following receipt of the NYSE notice, on the last trading day of any calendar month, Magnum’s common stock has a closing price and a 30-trading-day average closing price of at least $1 per share.

The company's common stock will continue to be listed and traded on the NYSE during this period under the symbol "MHR," but the NYSE will assign a ".BC" indicator to the symbol to denote that the company is below the NYSE's quantitative continued listing standards. Magnum intends to properly notify the NYSE that it anticipates that this price deficiency will be cured and that it will return to compliance with the NYSE's continued listing standards prior to the expiration of this six-month period.

The noncompliance with the NYSE price listing standard described above does not affect the listing on the NYSE MKT of the company's Series C and Series D preferred stock and the depositary shares representing the company's Series E preferred stock, and each such series of preferred stock and such depositary shares will continue to be listed and traded on the NYSE MKT, subject to Magnum’s continued compliance with the NYSE MKT's listing standards. The noncompliance with the NYSE price listing standard described above also does not conflict with the company's revolving credit facility or other debt agreements.

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