Magnum Hunter Resources Declares Monthly Cash Dividend on Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock

HOUSTON, TX--(Marketwire - Jan 2, 2013) - Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE) (the "Company") announced today that it has declared a monthly cash dividend on the Company's 10.25% Series C Cumulative Perpetual Preferred Stock ("Series C Preferred Stock"), a monthly cash dividend on the Company's 8.0% Series D Cumulative Preferred Stock ("Series D Preferred Stock") and a monthly cash dividend on the Company's 8.0% Series E Cumulative Convertible Preferred Stock ("Series E Preferred Stock"). The outstanding shares of Series E Preferred Stock are represented by depositary shares (the "Depositary Shares"), each representing a 1/1,000^th interest in a share of Series E Preferred Stock.

The dividend on the Series C Preferred Stock, which is for the month of January 2013, is payable on January 31, 2013, to holders of record at the close of business on January 15, 2013. The payment will be an annualized 10.25% per share, which is equivalent to approximately $0.2135 per share, based on the $25.00 per share liquidation preference of the Series C Preferred Stock. The Series C Preferred Stock is currently listed on the NYSE MKT and trades under the ticker symbol "MHR.PRC."

The dividend on the Series D Preferred Stock, which is for the month of January 2013, is payable on January 31, 2013, to holders of record at the close of business on January 15, 2013. The payment will be an annualized 8.0% per share, which is equivalent to approximately $0.3333 per share, based on the $50.00 per share liquidation preference of the Series D Preferred Stock. The Series D Preferred Stock is currently listed on the NYSE MKT and trades under the ticker symbol "MHR.PRD."

The dividend on the Series E Preferred Stock is payable on January 31, 2013, to holders of record at the close of business on January 15, 2013. This dividend is for the month of January 2013 and, with respect to shares of Series E Preferred Stock issued on December 12, 2012 in connection with the Company's initial public offering of Depositary Shares, for the period of December 13, 2012 through December 31, 2012. The payment attributable to the month of January 2013 will be an annualized 8.0% per share of Series E Preferred Stock, which is equivalent to approximately $166.6667 per share of Series E Preferred Stock, based on the $25,000.00 per share liquidation preference of the Series E Preferred Stock (equivalent to approximately $0.1667 per Depositary Share, based on the $25.00 per Depositary Share liquidation preference). The payment attributable to the partial month of December 2012 will be an annualized 8.0% per share of Series E Preferred Stock, which is equivalent to approximately $100.00 per share of Series E Preferred Stock, based on the $25,000.00 per share liquidation preference of the Series E Preferred Stock (equivalent to approximately $0.1000 per Depositary Share, based on the $25.00 per Depositary Share liquidation preference). The Depositary Shares are currently listed on the NYSE MKT and trade under the ticker symbol "MHR.PRE." The payment of dividends to holders of the Depositary Shares will be made in accordance with the terms of the Deposit Agreement which governs the Depositary Shares.

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 crude oil, natural gas and natural gas liquids, primarily in the states of West Virginia, Kentucky, Ohio, Texas and North Dakota, and Saskatchewan, Canada. The Company is presently active in five of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, Eagle Ford Shale, Pearsall Shale and Williston Basin/Bakken Shale.

For more information about Magnum Hunter, please visit www.magnumhunterresources.com.