SOURCE: Magnum Hunter Resources

Magnum Hunter Resources

July 11, 2011 11:23 ET

Magnum Hunter Resources Announces Appointment of Mark H. Wolf to Vice President of Finance and Treasurer

HOUSTON, TX--(Marketwire - Jul 11, 2011) - Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE Amex: MHR-PrC) (NYSE Amex: MHR-PrD) (the "Company" or "Magnum Hunter") announced today the appointment of Mr. Mark H. Wolf as Vice President of Finance for the Company, effective today. Mr. Wolf replaces Victor Ponce de Leon in this position. Mr. Wolf will report to the Company's Executive Vice President and Chief Financial Officer, Ronald D. Ormand.

Mr. Wolf has over 24 years of experience providing commercial banking, corporate finance and treasury related services to the various segments comprising the energy industry. He began his career in 1987 at the formal credit training program with Bank One, Texas N.A. (now known as JP Morgan Chase N.A.), followed by increasing levels of responsibility and promotions with several internationally recognized banking entities such as CIBC World Markets and BNP Paribas. During 2004 and 2005, Mr. Wolf served as the Vice President of Finance for the "old" Magnum Hunter Resources prior to the $2.2 billion sale of the Company to a Denver based energy company in June 2005. Mr. Wolf, who grew-up in Austin, Texas, received his Bachelor of Arts degree with Honors from the University of Texas at Austin with a major in Economics and minor in Mathematics, followed by his earning a Master of Business Administration degree from the University of Texas at Austin with specializations in both finance and accounting. Mr. Wolf resides in Houston, Texas with his wife and daughter.

Management Comments

Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter Resources commented, "It is with great pleasure today I am able to announce Mark Wolf's appointment as our new Vice President of Finance and Treasurer for Magnum Hunter. I have personally known Mark for approximately 15 years, and during that period, he has either worked as one of our lead commercial bankers or worked directly with me at the "old" Magnum Hunter. During this time, he has consistently demonstrated a vast knowledge of banking and corporate finance related matters, coupled with a strong and very professional work ethic. With the significant growth profile Magnum Hunter has achieved over the last couple of years, it was time to bring on a seasoned financial professional like Mark Wolf to assist senior management in our continued future growth plans."

About Magnum Hunter Resources Corporation

Magnum Hunter Resources Corporation and subsidiaries are a Houston, Texas based independent exploration and production company engaged in the acquisition, development and production of oil and natural gas, primarily in the states of West Virginia, Kentucky, Ohio, Texas, North Dakota and Saskatchewan, Canada. The Company is presently active in three of the most prolific shale resource plays in North America, namely the Marcellus Shale, Eagle Ford Shale and Williston Basin/Bakken Shale.

For more information, please view our website at

Forward-Looking Statements

The statements and information contained in this press release that are not statements of historical fact, including all estimates and assumptions contained herein, are "forward looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements include, among others, statements, estimates and assumptions relating to our business and growth strategies, our oil and gas reserve estimates, our ability to successfully and economically explore for and develop oil and gas resources, our exploration and development prospects, future inventories, projects and programs, expectations relating to availability and costs of drilling rigs and field services, anticipated trends in our business or industry, our future results of operations, our liquidity and ability to finance our exploration and development activities, market conditions in the oil and gas industry and the impact of environmental and other governmental regulation. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "could", "should", "expect", "intend", "estimate", "anticipate", "believe", "project", "pursue", "plan" or "continue" or the negative thereof or variations thereon or similar terminology. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties. Factors that may cause our actual results, performance, or achievements to be materially different from those anticipated in forward-looking statements include, among other, the following: adverse economic conditions in the United States and globally; difficult and adverse conditions in the domestic and global capital and credit markets; changes in domestic and global demand for oil and natural gas; volatility in the prices we receive for our oil and natural gas; the effects of government regulation, permitting, and other legal requirements; future developments with respect to the quality of our properties, including, among other things, the existence of reserves in economic quantities; uncertainties about the estimates of our oil and natural gas reserves; our ability to increase our production and oil and natural gas income through exploration and development; our ability to successfully apply horizontal drilling techniques and tertiary recovery methods; the number of well locations to be drilled, the cost to drill, and the time frame within which they will be drilled; drilling and operating risks; the availability of equipment, such as drilling rigs and transportation pipelines; changes in our drilling plans and related budgets; and the adequacy of our capital resources and liquidity including, but not limited to, access to additional borrowing capacity. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such statements. Readers are cautioned not to place undue reliance on forward-looking statements, contained herein, which speak only as of the date of this document. Other unknown or unpredictable factors may cause actual results to differ materially from those projected by the forward-looking statements. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, including estimates, whether as a result of new information, future events, or otherwise. We urge readers to review and consider disclosures we make in our public filings made from time to time with the Securities and Exchange Commission that discuss factors germane to our business, including our Annual Report on Form 10-K, as amended for the year ended December 31, 2010 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2011. All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements.

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