Magnum Hunter Reports 2001 Drilling Results

Magnum Hunter Resources, Inc. announced year-to-date 2001 exploration and development drilling results. The company has participated in 28 new wells with a 100 percent success rate. Six of the successful new wells were exploration, three in the shallow water shelf area of the Gulf of Mexico (GOM) and three onshore. The remaining 22 new wells drilled were onshore development locations.

The 22 new development wells are located in Texas, southeastern New Mexico, and southern Oklahoma.

Magnum Hunter holds working interest ranging from 25 to 100 percent in these wells. Magnum Hunter chairman and executive vice president Matthew C. Lutz said, “We have achieved excellent results to-date in our 2001 exploration and development drilling program, which includes a projected 27 onshore and offshore exploration wells, and 115 development wells and workovers. We have also commenced production from prior discoveries on two Gulf of Mexico Blocks thus far this year, and expect to initiate production from prior discoveries on ten additional Gulf of Mexico Blocks throughout 2001 and into 2002.”