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We spotted an announcement from Ascent Resources that piqued our curiosity. Ascent, founded as American Energy Partners by gas legend Aubrey McClendon, is a privately held company focusing 100% on the Ohio Utica Shale. Ascent, headquartered in Oklahoma City, OK, is Ohio’s largest natural gas producer (356,700 leased acres) and the 8th largest natural gas producer in the U.S. Yesterday, the company announced it is distributing $12.5 million to unitholders (shareholders) of the company next Monday. But the bigger news coming from the announcement is that Ascent will conduct a 1-for-100 reverse stock split, turning the 14.5 billion outstanding units (shares) of ownership into 145 million. Why?
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