Magnum Hunter Provides Eagle Ford Shale Well Results, Says Board May Have 'Second Thoughts' About Divesting Properties

Magnum Hunter ResourcesCorporation (NYSE: MHR) announced todayproduction results from two new Eagle Ford Shale wells operated bythe Company. Both wells went on production December 22, 2012. The Rhino Hunter #1 located in Lavaca County, Texas is producingapproximately 2,033 barrels of oil per day and 1,113 mcf of naturalgas (2,218 boe/d) on a 16/64" choke. Magnum Hunter owns approximately48% working interest in the Rhino Hunter #1. The Zebra Hunter #1 is also located in Lavaca County, Texas and isproducing approximately 1,995 barrels of oil per day and 898 mcf ofnatural gas (2,145 boe/d) on a 16/64" choke. Magnum Hunter ownsapproximately 45% working interest in the Zebra Hunter #1. Mr. Gary C. Evans, Chairman and Chief Executive Officer of MagnumHunter Resources Corporation, commented, "These two new Eagle Fordwells are by far our best producers since we initiated drillingoperations in this play in 2010. We have to-date drilled orparticipated in a total of 42 successful wells in the oil trend ofthe Eagle Ford. Our net daily production in the Eagle Ford iscurrently over 4,100 boe/d. With these consistent results, and thesignificant reserve additions we are seeing from new wells that arenow exceeding 500 thousand barrels of oil equivalent per well, ourManagement and Board may very well have second thoughts about ourdecision to possibly completely divest these properties at thistime."