Magnum Hunter pocketed $88.6 million via preferreds sales to July

By Jennifer Chiou

New York, Aug. 9 - Magnum Hunter Resources Corp. took in net proceeds of $88.6 million for the six months ended June 30 through the sale of 10.25% series C cumulative perpetual preferred stock and 8% series D cumulative preferred stock, according to a 10-Q with the Securities and Exchange Commission.

During the first half of 2011, the company specifically sold 1,190,544 shares of the series C preferreds for net proceeds of $29.1 million. In that time, paid dividends came to $5.1 million.

Also during that period, Magnum Hunter issued 1,298,095 shares of its series D preferreds with a liquidation preference of $50 per share. Of that number, 400,000 were sold in an underwritten offering and 898,095 were sold under the ATM sales agreement for net proceeds of $59.5 million.

Through June 30, the company doled out dividends of $941,000 for the series D stock.

Magnum Hunter is a Houston-based oil and gas company.

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