SOURCE: Magnum Hunter Resources

Magnum Hunter Resources

September 30, 2009 16:59 ET

Magnum Hunter Resources Corp. Closes Acquisition of Sharon Resources, Inc.

HOUSTON, TX--(Marketwire - September 30, 2009) - Magnum Hunter Resources Corporation (NYSE Amex: MHR) (the "Company") announced today the Company has closed on the previously announced agreement to acquire 100% of the capital stock of Sharon Resources, Inc., a wholly owned subsidiary of Calgary based Sharon Energy Ltd. (TSX-V: SHY). Magnum Hunter previously announced the execution of a definitive agreement for the acquisition on September 10, 2009.

Total consideration paid by Magnum Hunter for Sharon Resources, Inc. was $2.35 Million (USD) and was 100% paid through the issuance of 2,294,474 new restricted common shares of the Company. Post the acquisition, the number of the Company's fully-diluted common shares outstanding is approximately 43.1 Million. No debt or other liabilities were assumed by Magnum Hunter and no other consideration beyond the issuance of the new Magnum Hunter restricted common shares described above were tendered to complete this acquisition.

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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