Magnum Hunter Resources Announces $25 Million Acquisition of Utica Shale Properties

Magnum Hunter Resources Announces $25 Million Acquisition of Utica
Shale Properties

Magnum Hunter Resources
Corporation (NYSE: MHR) (NYSE Amex: MHR-PrC) (NYSE Amex: MHR-PrD)
(“Magnum Hunter” or the “Company”) announced today that its
wholly-owned subsidiary, Triad Hunter, LLC (“Triad Hunter”), has
closed on the acquisition of leasehold mineral interests located
predominately in Noble County, Ohio (the “Utica Acreage”) from an
undisclosed seller for a total purchase price of $24.8 million.

The Utica Acreage consists of approximately 15,558 gross (12,186 net)
acres predominately located in Noble County, Ohio. The net price paid
per acre for this acquisition was $2,037. The majority of the
leasehold acreage acquired in this transaction is held by shallower
production. The purchase includes all depths of 300 feet below the
top of the Queenston Formation down to all further depths. There is
no associated shallow production included with this acquisition.
There is a possibility of a second closing on another block of
similar acreage that may occur on or before April 16, 2012, assuming
the Seller can satisfy certain title deficiency requirements.

The Utica Acreage is in close proximity to Triad Hunter’s existing
acreage position in Washington and Noble Counties, Ohio, and now
provides Triad Hunter approximately 18,187 gross (14,815 net) acres
in in these two counties, and a total of 23,214 gross (17,316 net)
acres that are presently prospective for the Utica Shale.

Management Comments

Mr. Gary C. Evans, Chairman and Chief Executive Officer of Magnum
Hunter, commented, “This acquisition represents another ‘bolt-on’
transaction in one of Magnum Hunter’s core unconventional resource
plays. It is truly a win-win acquisition because it not only
significantly expands our existing acreage position in a strategic
region in Ohio at a very attractive price per acre, but also now
provides the expansion opportunity for our midstream business, Eureka
Hunter Pipeline, to immediately begin construction work into a region
presently not served by other competitors, yet greatly controlled now
by our upstream Appalachian Division. Given that nearly all the
acreage is held by shallow production, this provides the Company
maximum flexibility in the development of the land.”

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

Forward-Looking Statements

The statements and information contained in this press release that
are not statements of historical fact, including all estimates and
assumptions contained herein, are “forward looking statements” as
defined in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward looking statements include, among others, statements,
estimates and assumptions relating to our business and growth
strategies, our oil and gas reserve estimates, estimates of oil and
natural gas resource potential, our ability to successfully and
economically explore for and develop oil and gas resources, our
exploration and development prospects, future inventories, projects
and programs, expectations relating to availability and costs of
drilling rigs and field services, anticipated trends in our business
or industry, our future results of operations, our liquidity and
ability to finance our exploration and development activities, market
conditions in the oil and gas industry and the impact of
environmental and other governmental regulation. Forward-looking
statements generally can be identified by the use of forward-looking
terminology such as “may”, “will”, “could”, “should”, “expect”,
“intend”, “estimate”, “anticipate”, “believe”, “project”, “pursue”,
“plan” or “continue” or the negative thereof or variations thereon or
similar terminology. These forward-looking statements are subject to
numerous assumptions, risks, and uncertainties. Factors that may
cause our actual results, performance, or achievements to be
materially different from those anticipated in forward-looking
statements include, among other, the following: adverse economic
conditions in the United States and globally; difficult and adverse
conditions in the domestic and global capital and credit markets;
changes in domestic and global demand for oil and natural gas;
volatility in the prices we receive for our oil and natural gas; the
effects of government regulation, permitting, and other legal
requirements; future developments with respect to the quality of our
properties, including, among other things, the existence of reserves
in economic quantities; uncertainties about the estimates of our oil
and natural gas reserves; our ability to increase our production and
oil and natural gas income through exploration and development; our
ability to successfully apply horizontal drilling techniques and
tertiary recovery methods; the number of well locations to be
drilled, the cost to drill, and the time frame within which they will
be drilled; drilling and operating risks; the availability of
equipment, such as drilling rigs and transportation pipelines;
changes in our drilling plans and related budgets; and the adequacy
of our capital resources and liquidity including, but not limited to,
access to additional borrowing capacity. Because forward-looking
statements are subject to risks and uncertainties, actual results may
differ materially from those expressed or implied by such statements.
Readers are cautioned not to place undue reliance on forward-looking
statements, contained herein, which speak only as of the date of this
document. Other unknown or unpredictable factors may cause actual
results to differ materially from those projected by the
forward-looking statements. Unless otherwise required by law, we
undertake no obligation to publicly update or revise any
forward-looking statements, including estimates, whether as a result
of new information, future events, or otherwise. We urge readers to
review and consider disclosures we make in our public filings made
from time to time with the Securities and Exchange Commission that
discuss factors germane to our business, including our Annual Report
on Form 10-K, as amended, for the year ended December 31, 2010 and
our Quarterly Reports on Form 10-Q for the quarters ended March 31,
2011, June 30, 2011 and September 30, 2011. All forward-looking
statements attributable to us are expressly qualified in their
entirety by these cautionary statements.