Viper Resources, Inc. Announces $5 Million Financing Agreement

Viper Resources, Inc. (OTCBB:VPRS – News) (hereafter “Viper” or the “Company”) announced today that it has procured a $5 million equity line with Dutchess Opportunity Fund, II, LP (“Dutchess”).

As per the agreement, Dutchess has committed to purchase up to $5,000,000 of the Company common stock over thirty-six months. The agreement grants the Company the option to sell and obligates Dutchess to purchase common stock at a 4% discount to a calculated volume weighted average market price. In connection with establishing the equity line, the Company has agreed to file a registration statement covering 25 million shares of common stock with the U.S. Securities and Exchange Commission to register the resale by Dutchess of any shares issued to it under the equity line. [Read the full article]

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Skymark Research, a leading provider of small- and micro-cap independent investment research, today initiated coverage on Magnum Hunter Resources Corporation (NYSE Amex:MHR). Skymark Research is currently offering a complimentary trial subscription. To view our research, go to: www.skymarkresearch.com

Skymark Research is a leading provider of independent investment research in North America. Our services include research analysis on the small- and micro-cap markets, real-time news and financial data, market commentary and the SMR newsletter. Skymark Research’s staff of small-cap investment professionals is dedicated to providing the small market’s investment community with the tools and avenues necessary to make the important investment decisions. [Read the full article]

Magnum Hunter Resources Corporation (AMEX:MHR – News) (AMEX:MHR-PC – News) (the “Company” or “Magnum Hunter”) announced today that the Company’s Board of Directors has approved an initial capital budget for fiscal year 2010 of $25.0 million. The capex budget does not include any potential expenditures which may occur for possible merger and acquisition activities. The 2010 capex budget is predominately for capital expenditures necessary to fund the exploration and development activities associated with Magnum Hunter’s acquisition of substantially all of the assets of Triad Energy Corp. (“Triad”) and certain of its affiliated entities, scheduled to close next week. [Read the full article]

The Board of Directors of Norwegian oil major Statoil ASA (NYSE: STO – News) has decided to spin off the group energy and retail (E&R) business for creating a new ownership structure. The company said that the step will strengthen this business with the new company’s direct access to the capital markets. Statoil hopes the listing of the new company on the stock exchange to be in the fourth quarter this year.

The E&R business includes 2,300 service stations in eight countries, besides units that supply lubricants, aviation and marine fuels. Statoil said it will initially be the major owner of the new company and afterwards, the ownership position will be gradually evaluated as per the companys development needs.

While Statoil holds nearly one-fourth market share in the Scandinavian service station sector, net income from this segment in the first three quarters of the last year had been negligible. [Read the full article]

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