SOURCE: Magnum Hunter Resources

Magnum Hunter Resources

October 02, 2009 09:00 ET

Magnum Hunter Resources Announces Management Additions

HOUSTON, TX--(Marketwire - October 2, 2009) - Magnum Hunter Resources Corporation's (NYSE Amex: MHR) (the "Company") announced this morning several management additions in the Company's exploration, administration, legal and finance departments. These changes address the addition of three new exploration professionals added from the recent closing of the Sharon Resources, Inc. acquisition as announced on September 30, 2009, and several internal changes to management responsibilities and associated corporate titles.

Mr. H.C. "Kip" Ferguson III has been appointed Executive Vice President of Exploration. Mr. Ferguson is a Houston, Texas native and a third generation geologist. He holds a Bachelors degree in Geology from the University of Texas in Austin and has 16 years of experience in oil and gas exploration throughout the Gulf Coast, West Texas and the Rocky Mountain regions. Mr. Ferguson will report to Mr. Gary C. Evans, Magnum Hunter's Chairman & Chief Executive Officer.

Mr. Brian Burgher has been appointed Vice President of Land. He has 25 years of continuous experience in every phase of land work within the energy industry and in numerous hydrocarbon producing basins of North America. Mr. Burgher attended both Baylor University and the University of Houston. He will report jointly to Mr. Ferguson and to Mr. Jim Denny, the Company's Executive Vice President of Operations.

Joining Magnum Hunter with Messrs. Ferguson and Burgher from Sharon Resources is Mr. Jason Wilson, a Geologist. Mr. Wilson has over 10 years of experience in the energy industry with both a multi-national integrated and a large-cap exploration and production company. While at Anadarko Petroleum Corp. (NYSE: APC), he was responsible for the presenting of development locations in the Austin Chalk, preformed wellsite monitoring for exploration and development wells in North Africa, was part of an 8 person multi-disciplined development team that kept a 14 drilling rig program continually running in the Lower Cotton Valley and Bossier Sands of Northern Louisiana, and has substantial experience interpreting seismic data in numerous North American producing basins. He holds a Bachelor of Science in Geology and a Master of Science in Structural Geology from Texas A&M University. Mr. Wilson will report directly to Mr. Ferguson.

Mr. Donald Kirkendall has been appointed Senior Vice President of Product Marketing and Administration. Mr. Kirkendall will be responsible for all of the Company's product marketing and transportation, real estate, human resources, insurance and IT services. Mr. Kirkendall brings more than 25 years of diversified energy experience, including six years with the interstate pipeline business and 19 years of natural gas marketing and exploration experience. He received his BBA from Southwest Texas State University. Mr. Kirkendall will report to Mr. Ron Ormand, the Company's Executive Vice President and Chief Financial Officer.

Mr. David Lipp has been promoted to Vice President of Business Development and Legal. He has been with the Company for two years, working in the finance, treasury, accounting and legal departments. Mr. Lipp received a Bachelor's degree in Finance and a Masters degree in Accounting from Tulane University. He also received his J.D. from the University of Houston Law Center and is admitted to practice law in the State of Texas. Mr. Lipp will report to Mr. Ormand.

Mr. Justin Wong has recently joined Magnum Hunter as Assistant Vice President of Finance. Mr. Wong has several years prior experience in both Investment Banking and the Structured Finance Advisory industries. He holds a B.S. degree from Cornell University and is currently on schedule to graduate with an M.B.A. from the University of Texas McCombs School of Business in July 2010. Mr. Wong is also a CFA Level 3 candidate. He will report jointly to Mr. Lipp and to Mr. Brad Davis, the Company's Senior Vice President of Capital Markets.

Management Comments

Mr. Gary C. Evans, Chairman of the Company, commented, "We are pleased to announce that all of Sharon's U.S.-based existing management team and employees have joined Magnum Hunter. One of the primary reasons we became so interested in Sharon Resources was the highly seasoned and successful group of exploration professionals. Congratulations are also in order to Don, David and Justin as we have reconfigured the organization. We are fortunate to now have in place within our Company the depth and expertise to assign important day-to-day management responsibilities as we continue to grow Magnum Hunter."

About Magnum Hunter Resources

Magnum Hunter Resources Corporation and subsidiaries are a Houston, Texas-based independent exploration and production company engaged in the acquisition of exploratory leases and producing properties, secondary enhanced oil recovery projects, exploratory drilling, and production of oil and natural gas in the United States.

For more information, please view our website at www.magnumhunterresources.com

Forward-looking Statements

The statements contained in this press release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements, without limitation, regarding the Company's expectations, beliefs, intentions or strategies regarding the future. Such forward-looking statements may relate to, among other things: (1) the Company's proposed exploration and drilling operations on its various properties, (2) the expected production and revenue from its various properties, (3) the Company's proposed redirection as an operator of certain properties and (4) estimates regarding the reserve potential of its various properties. These statements are qualified by important factors that could cause the Company's actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) the Company's ability to finance the continued exploration, drilling and operation of its various properties, (2) positive confirmation of the reserves, production and operating expenses associated with its various properties; and (3) the general risks associated with oil and gas exploration, development and operation, including those risks and factors described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K, Form 10-K/A and Form10-K/A for the year ended December 31, 2008 filed with the Securities and Exchange Commission on March 31, 2009, April 29, 2009 and September 11, 2009, respectively, and the Company's Quarterly Reports on Form 10-Q for the quarters ending March 31, 2009 and June 30, 2009, filed on My 11, 2009 and August 14, 2009, respectively. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

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