Oil prices were falling amid concerns of a growing supply glut.
About 10 million barrels of unsold crude are held in offshore storage, according to a Morgan Stanley note, which could create a negative outlook for oil in the second half of the year, Reuters reports.
Brent crude for August delivery was down 0.54% to $62.68 a barrel as of 11:45 a.m. ET today, while U.S. crude for July delivery was lower by 0.44% to $59.35 a barrel.
Also, the company is required to raise $65 million of aggregate net cash proceeds from certain specified transactions.
Last week, Magnum Hunter Resources received an extension from its existing lending group under its senior secured revolving credit facility from June 19 to July 10, 2015.
Houston-based Magnum Hunter is an independent oil and gas company engaged in the exploration for and the exploitation, acquisition, development and production of crude oil, natural gas and natural gas liquids.
Separately, TheStreet Ratings team rates MAGNUM HUNTER RESOURCES CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate MAGNUM HUNTER RESOURCES CORP (MHR) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, generally high debt management risk, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."