SOURCE: Magnum Hunter Resources

Magnum Hunter Resources

November 29, 2011 08:00 ET

Magnum Hunter Resources Corporation Obtains Exemption From Canadian Oil and Gas Reporting Obligations

HOUSTON, TX--(Marketwire - Nov 29, 2011) - Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE Amex: MHR-PrC) (NYSE Amex: MHR-PrD) (the "Company" or "Magnum Hunter") is issuing this press release in Canada to announce that the Alberta and Ontario securities commissions have exempted Magnum Hunter from the Canadian oil and gas disclosure requirements of Canadian National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The exemption is based, in part, on Canadian residents holding, and continuing to hold, not more than ten percent of the Company's outstanding securities. Magnum Hunter first became subject to the Canadian oil and gas reporting obligations as a result of its acquisition of NuLoch Resources, Inc. in May 2011.

As a result of the exemption, and provided the conditions of the exemption continue to be met, the Company will not be required to file the following Canadian oil and gas activity reports: Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information; Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor; and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure. In lieu of these reports, Magnum Hunter is permitted to provide disclosure of its oil and gas activities in accordance with the requirements of United States federal securities laws and the rules of the New York Stock Exchange. Magnum Hunter is required to file this U.S. disclosure with the securities regulatory authority in each of the provinces of Canada as soon as practicable after this disclosure is filed pursuant to the U.S. requirements.

Canadian residents should be aware that the Company's future disclosure relating to its oil and gas activities will comply with U.S. requirements rather than Canadian National Instrument 51-101 and the Canadian Oil and Gas Evaluation Handbook. U.S. requirements differ in a number of respects from the disclosure required under NI 51-101 and the Canadian Oil and Gas Evaluation Handbook, and Canadian residents are urged to consider these differences when considering all future disclosures made by Magnum Hunter relating to its oil and gas activities.

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 http://www.magnumhunterresources.com/.

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, and "forward-looking information" as defined under Canadian securities laws (collectively, "Forward-Looking Statements"). These Forward-Looking Statements include, among others, statements relating to the Company's oil and gas activities. These Forward-Looking Statements are subject to numerous assumptions, risks, and uncertainties. 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, the Company undertakes no obligation to publicly update or revise any Forward-Looking Statements, including estimates, whether as a result of new information, future events or otherwise. All Forward-Looking Statements attributable to Magnum Hunter are expressly qualified in their entirety by these cautionary statements.

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