Magnum Hunter Resources Corporation Announces Acquisition of Sharon Resources, Inc.

HOUSTON, TX--(Marketwire - September 10, 2009) - Magnum Hunter Resources Corporation (NYSE Amex: MHR) (the "Company") announced today the execution of a definitive 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).

The total consideration of $2.35 Million (USD) under the agreement will be paid in 2,294,474 shares of restricted common stock of Magnum Hunter Resources Corporation. This represents approximately 5.6% of the Company's 40.8 Million fully-diluted common shares outstanding as of August 1, 2009. No debt or any other liabilities will be assumed by Magnum Hunter and no other consideration beyond issuance of the new Magnum Hunter restricted common shares was paid for the acquisition.

Closing is anticipated to occur on or about September 30, 2009 and is subject to certain customary conditions including, but not limited to, the receipt of all necessary regulatory approvals.

About Sharon Resources, Inc.

Houston based Sharon Resources, Inc. ("Sharon Resources") is an independent oil and gas exploration company engaged in the exploitation of emerging trends and the development of proven reserves. Sharon Resources has an established track record for identifying, acquiring, drilling and developing oil and gas reserves, particularly in areas which utilize advanced drilling and completion techniques. Sharon Resources' primary focus has been on exploration and development projects along the Texas Gulf Coast (onshore) offering repeatable, lower risk development opportunities. Specific project areas include mineral acreage positions in the Eagle Ford Shale, Austin Chalk, and Northwest Speaks areas where a substantial inventory of lower risk projects with repeatable success profiles have been assembled.

Notably, Sharon Resources has acquired approximately 6,400 acres in the Eagle Ford fractured shale resource play. This acreage position is directly on trend with recent developmental success by other operators in the area. Under the direction of Magnum Hunter's senior management, Sharon Resources will continue to pursue the acquisition of additional acreage in this new resource play.

Based on the analysis completed by Magnum Hunter as of June 30, 2009, Sharon Resources had estimated total proved reserves of approximately 2.9 Bcfe's (30% proved developed producing and 85% natural gas) with daily net production of approximately 288 Mcfe's per day (95% natural gas). The PV-10% value as of June 30, 2009 was $4.2 Million at the SEC pricing ($69.89 per Bbl pricing for crude oil and $3.835 per MMBtu pricing for natural gas). Sharon Resources operates over 65% of its proved reserve base.

H.C. "Kip" Ferguson III, President of Sharon Resources, Inc., stated, "Our team of three highly seasoned exploration and evaluation oriented professionals are very excited to be joining forces with the new management team at Magnum Hunter Resources. With the contribution of our existing inventory and ready to drill portfolio of lower risk and repeatable projects, we believe our Company is positioned with one of the better situated acreage holdings in the emerging Eagle Ford Shale resource play. We are truly excited about the business combination of our two organizations whereby we can contribute an immediate impact to Magnum Hunter's business model."

Management Comments

Mr. Gary C. Evans, Chairman of Magnum Hunter Resources, commented, "The announcement today of our acquisition of 100% of Sharon Resources from its Canadian parent in an all stock transaction follows in line with the strategy we previously laid out in late May when I joined the Company as its new Chairman of the Board. Kip Ferguson and his team of successful exploration and evaluation professionals brings to Magnum Hunter three seasoned industry professionals with specific expertise that previously did not exist in our organization. Sharon's existing inventory of attractive drilling opportunities, expertise in advanced drilling and completion technologies (particularly in resource plays), and expansion of our operational and technical staff will be immediately accretive to our existing organization. We have been most impressed by the high quality of Sharon's existing projects even in this low commodity price environment. In particular, their 6,400 acre position in the Eagle Ford Shale resource play is something we are very excited about and intend to pursue immediately."

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 and Form 10-K/A for the year ended December 31, 2008 filed with the Securities and Exchange Commission on March 31, 2009 and April 29, 2009, respectively, and our subsequently filed reports. 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.

Contact Information: Contact: M. Bradley Davis Senior Vice President of Capital Markets bdavis@magnumhunterresources.com (832) 203-4545