SOURCE: Magnum Hunter Resources Corporation

Magnum Hunter Resources Corporation

August 17, 2009 10:37 ET

Magnum Hunter Resources Corporation Elects Jeff Swanson to the Board of Directors

HOUSTON, TX--(Marketwire - August 17, 2009) - Magnum Hunter Resources Corporation (NYSE Amex: MHR) (the "Company") announced today the election of Mr. Jeff Swanson to the Company's Board of Directors. Mr. Swanson will serve as an Independent Director for a three year term expiring 2012. With the election of Mr. Swanson, the Magnum Hunter Resources Board of Directors increases to nine members, three of which are deemed insiders.

Mr. Swanson currently serves as the President and Chief Executive Officer of two privately held companies, GrailQuest Corp. and Durango Resources Corp. He has been actively engaged in the exploration and production sectors of the oil and gas industry for over 30 years. Mr. Swanson co-founded Stratamodel, Inc., the first commercially available 3-D geocellular technology which today is a standard workflow tool in the oil and gas industry. He is co-author of two patents including ReservoirGrail, an increasingly used reservoir volumetric material balancing simulator. Mr. Swanson received his B.B.A. from Southern Methodist University and is a member of the Society of Petroleum Engineers (SPE), Association of Petroleum Geologists (AAPG), Houston Geological Society (HGS), Independent Petroleum Association of America (IPAA) and the National Stripper Well Association (NSWA). He is an individual trustee of Tel Offshore Trust (NASDAQ: TELOZ). Mr. Swanson is a published author on several papers and articles regarding various technologies and methodologies used for enhancing and increasing the value of mature oil and gas fields.

"I am excited to be joining the Magnum Hunter team as an Independent Director of the Board. The current low commodity price environment for crude oil and natural gas makes this an excellent time for an oil & gas company like Magnum Hunter to be in acquisition mode. Gary Evans has pulled together an excellent group of industry professionals with many years of successful experience. This group of professionals has a demonstrated ability to grow a company and create substantial value for shareholders. I look forward to assisting management in all phases of the Company's growth," stated Mr. Swanson.

Management Comments

Mr. Gary C. Evans, Chairman of the Company, commented, "I am very pleased to announce the election of Jeff Swanson as a new independent director. I have personally known and worked with Jeff now for over ten years. His large circle of contacts within the oil and gas business and his in-depth technical knowledge of certain mature fields will be another added benefit to our organization. Jeff's experience can immediately contribute to Magnum Hunter's new focus on acquisitions and development of predominately distressed properties owned by banks, financial institutions, private equity funds, and hedge funds. We continue to evaluate many new opportunities presented to our Company for review. The timing with respect to booking new proved reserves during the present down cycle will ultimately provide superior returns to our shareholders once commodity prices begin recovering over the next several years as supply and demand are rebalanced."

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.

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