Magnum Hunter Resources shares fell more than 11% in trading Monday after announcing it received an extension from its existing lending group under its senior secured revolving credit facility.

Magnum Hunter said it received the extension for the previously disclosed minimum capital raising obligation. The timeline to satisfy that has been extended from June 19, 2015 to July 10, 2015. The capital raising requirement requires Magnum Hunter to raise $65 million of aggregate net cash proceeds from certain specified transactions.

Magnum Hunter noted that Triad Hunter, LLC, a wholly owned subsidiary of Magnum, closed on the previously announced definitive agreement to sell certain non-core undeveloped and unproven leasehold acreage located in Tyler County, West Virginia. At that closing, Magnum received a consideration of approximately $33.6 million in cash. The ultimate consideration to be received is subject to post-closing adjustments for any title defects and for remediation of asserted title defects, which adjustments are anticipated to increase the ultimate cash sales price to $35.0 to $40.0 million on or before July 15, 2015.