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Jan 23, 2015

Magnum Hunter says slashed all spending amidst cheap oil, gas

, Jan 23 (Reuters) – Oil and natural gas
producer Magnum Hunter Resources Corp said on a
conference call on Friday it has cut all capital spending amidst
plunging commodity prices, expecting prices to remain low for at
least the next year.

The small exploration company focused on natural gas
production in the Marcellus and Utica Shales, had scheduled the
call with investors with one day’s notice to assuage concerns
about its future as its shares have plunged 81 percent in the
past year amid sinking natural gas prices.