Magnum Hunter Changes Its Name, Leaves the Bankrupt Past Behind

It appears to us as if Magnum Hunter Resources, which was founded by former CEO Gary Evans, is shedding the last vestiges of Evans by changing its name. “Wildcatter” Evans grew the company to be worth $1.4 billion in 2013 by borrowing heavily to drill in the Marcellus and Utica shales in West Virginia and Ohio, while at the same time financing the Eureka Hunter Pipeline that gathered and processed its production. Magnum Hunter has/had a number of subsidiary companies, like Eureka Hunter (pipelines), Alpha Hunter (drilling), and GreenHunter (wastewater). But then the price of gas (and oil) crashed, and although Magnum Hunter treaded financial water for a time, they eventually succumbed to bankruptcy in December 2015 (see Sad Day: Magnum Hunter Files for Chapter 11 Bankruptcy). Five short months later, in May 2016, Magnum Hunter emerged from bankruptcy–without Evans (see Magnum Hunter Emerges from Bankruptcy with CEO Gary Evans Gone). Apparently the new owners of the company (the former debt holders converted into equity holders) didn’t want Evans running the company. So Evans departed and a short time later started a new drilling company not focused on the Marcellus/Utica (see Gary Evans, Ex-CEO of Magnum Hunter, Starts New O&G Company). Must be Evans likes the “Hunter” name, because he named his new company Energy Hunter Resources. In what appears to be a bid to shed its former image and association with Evans, Magnum Hunter Resources has just changed its name–to Blue Ridge Mountain Resources…

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