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Magnum Hunter Provides Total Proved Oil & Gas Reserves Results

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Magnum Hunter Resources Corporation (NYSE: MHR) announced today a 63% increase in the quantity of the Company's estimated total proved oil and gas reserves at December 31, 2012 as compared to December 31, 2011. The present value of estimated future cash flows, before income taxes, of the Company's estimated total proved reserves as of year-end 2012, discounted at 10% ("PV-10"), also increased 59% to $981.2 Million as compared to one year ago. Magnum Hunter's total proved reserves increased by 28.2 million barrels of oil equivalent (Boe) to 73.1 million Boe (62.9% crude oil and ngls; 52% proved developed producing) at December 31, 2012 as compared to 44.9 million Boe (48% crude oil and ngls; 51% proved developed producing) at December 31, 2011. The Company's reserve life (R/P ratio) based on current production is approximately 10.8 years. The present value (PV-10) of the Company's proved reserves at December 31, 2012 increased by $364.3 million or 59% to $981.2 million from $616.9 million at December 31, 2011. Under SEC guidelines, the commodity prices used in the December 31, 2012 and December 31, 2011 PV-10 estimates were based on the 12-month un-weighted arithmetic average of the first day of the month prices for the period January 1, 2012 through December 31, 2012, and for the period January 1, 2011 through December 31, 2011, respectively, adjusted by lease for transportation fees and regional price differentials. For crude oil and ngl volumes, the average West Texas Intermediate posted price of $94.71 per barrel used to calculate PV-10 at December 31, 2012, was down 1.5% from the average price of $96.19 per barrel used to calculate PV-10 at December 31, 2011. For natural gas volumes, the average price of the Henry Hub spot price of $2.75 per million British thermal units ("MMBTU") used to calculate PV-10 at December 31, 2012 was down 33% from the average price of $4.11 per MMBTU used to calculate PV-10 at December 31, 2011. All prices were held constant throughout the estimated economic life of the properties. Note: PV-10 is a non-GAAP financial measure and should not be considered as an alternative to the standardized measure of discounted future net cash flows as defined under GAAP; see "Non-GAAP Measures: Reconciliation to Standardized Measure" below for the Company's definition of PV-10 and a reconciliation to the standardized measure. The Company's December 31, 2012 total proved reserves of 73.1 million Boe reflect an organic growth of 35% from the Company's total proved reserves of 44.9 million Boe as of December 31, 2011, when excluding the proved reserves related to the Company's acquisitions of properties from Eagle Operating, Inc., Baytex Energy USA Ltd., Viking International Resources Co., Inc. and Samson Operating Company, which occurred on April 2, 2012, May 22, 2012, November 2, 2012 and December 20, 2012, respectively. The estimates of Magnum Hunter's total proved reserves as of December 31, 2012 were prepared by third-party engineering consultant, Cawley Gillespie & Associates, Inc. The estimates of Magnum Hunter's total proved reserves as of December 31, 2011 were prepared by Cawley Gillespie & Associates, Inc. and AJM Deloitte.

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