Magnum Hunter Resources Corporation Declares Warrant Dividend on Common Stock

Magnum Hunter Resources Corporation

announced today that its Board of Directors has declared a dividend in the form of warrants to purchase shares of the Company's common stock at $10.50 per share payable on October 14, 2011 to shareholders of record on August 31, 2011. Each shareholder of the Company's common stock will receive one warrant for every ten shares owned as of the record date. Each warrant will entitle the holder to purchase one share of the Company's common stock at an exercise price of $10.50 per share, subject to certain anti-dilution adjustments. The warrants will generally be exercisable for two years from the date of issuance subject to redemption at the option of the Company at $0.001 per warrant upon not less than thirty days' notice to the holders.