Contact Information: Contact: M. Bradley Davis Senior Vice President of Capital Markets bdavis@magnumhunterresources.com (832) 203-4545
Magnum Hunter Resources Announces Management Additions
| Source: Magnum Hunter Resources
HOUSTON, TX--(Marketwire - October 2, 2009) - Magnum Hunter Resources Corporation's (NYSE Amex : MHR ) (the "Company") announced this morning several management
additions in the Company's exploration, administration, legal and finance
departments. These changes address the addition of three new exploration
professionals added from the recent closing of the Sharon Resources, Inc.
acquisition as announced on September 30, 2009, and several internal
changes to management responsibilities and associated corporate titles.
Mr. H.C. "Kip" Ferguson III has been appointed Executive Vice President of
Exploration. Mr. Ferguson is a Houston, Texas native and a third
generation geologist. He holds a Bachelors degree in Geology from the
University of Texas in Austin and has 16 years of experience in oil and gas
exploration throughout the Gulf Coast, West Texas and the Rocky Mountain
regions. Mr. Ferguson will report to Mr. Gary C. Evans, Magnum Hunter's
Chairman & Chief Executive Officer.
Mr. Brian Burgher has been appointed Vice President of Land. He has 25
years of continuous experience in every phase of land work within the
energy industry and in numerous hydrocarbon producing basins of North
America. Mr. Burgher attended both Baylor University and the University of
Houston. He will report jointly to Mr. Ferguson and to Mr. Jim Denny, the
Company's Executive Vice President of Operations.
Joining Magnum Hunter with Messrs. Ferguson and Burgher from Sharon
Resources is Mr. Jason Wilson, a Geologist. Mr. Wilson has over 10 years
of experience in the energy industry with both a multi-national integrated
and a large-cap exploration and production company. While at Anadarko
Petroleum Corp. (NYSE : APC ), he was responsible for the presenting of
development locations in the Austin Chalk, preformed wellsite monitoring
for exploration and development wells in North Africa, was part of an 8
person multi-disciplined development team that kept a 14 drilling rig
program continually running in the Lower Cotton Valley and Bossier Sands of
Northern Louisiana, and has substantial experience interpreting seismic
data in numerous North American producing basins. He holds a Bachelor of
Science in Geology and a Master of Science in Structural Geology from Texas
A&M University. Mr. Wilson will report directly to Mr. Ferguson.
Mr. Donald Kirkendall has been appointed Senior Vice President of Product
Marketing and Administration. Mr. Kirkendall will be responsible for all
of the Company's product marketing and transportation, real estate, human
resources, insurance and IT services. Mr. Kirkendall brings more than 25
years of diversified energy experience, including six years with the
interstate pipeline business and 19 years of natural gas marketing and
exploration experience. He received his BBA from Southwest Texas State
University. Mr. Kirkendall will report to Mr. Ron Ormand, the Company's
Executive Vice President and Chief Financial Officer.
Mr. David Lipp has been promoted to Vice President of Business Development
and Legal. He has been with the Company for two years, working in the
finance, treasury, accounting and legal departments. Mr. Lipp received a
Bachelor's degree in Finance and a Masters degree in Accounting from Tulane
University. He also received his J.D. from the University of Houston Law
Center and is admitted to practice law in the State of Texas. Mr. Lipp
will report to Mr. Ormand.
Mr. Justin Wong has recently joined Magnum Hunter as Assistant Vice
President of Finance. Mr. Wong has several years prior experience in both
Investment Banking and the Structured Finance Advisory industries. He
holds a B.S. degree from Cornell University and is currently on schedule to
graduate with an M.B.A. from the University of Texas McCombs School of
Business in July 2010. Mr. Wong is also a CFA Level 3 candidate. He will
report jointly to Mr. Lipp and to Mr. Brad Davis, the Company's Senior Vice
President of Capital Markets.
Management Comments
Mr. Gary C. Evans, Chairman of the Company, commented, "We are pleased to
announce that all of Sharon's
U.S.-based existing management team and employees have joined Magnum
Hunter. One of the primary reasons we became so interested in Sharon
Resources was the highly seasoned and successful group of exploration
professionals. Congratulations are also in order to Don, David and Justin
as we have reconfigured the organization. We are fortunate to now have in
place within our Company the depth and expertise to assign important
day-to-day management responsibilities as we continue to grow Magnum
Hunter."
About Magnum Hunter Resources
Magnum Hunter Resources Corporation and subsidiaries are a Houston,
Texas-based independent exploration and production company engaged in the
acquisition of exploratory leases and producing properties, secondary
enhanced oil recovery projects, exploratory drilling, and production of oil
and natural gas in the United States.
For more information, please view our website at
www.magnumhunterresources.com
Forward-looking Statements
The statements contained in this press release that are not historical are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), and Section 21E
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
including statements, without limitation, regarding the Company's
expectations, beliefs, intentions or strategies regarding the future. Such
forward-looking statements may relate to, among other things: (1) the
Company's proposed exploration and drilling operations on its various
properties, (2) the expected production and revenue from its various
properties, (3) the Company's proposed redirection as an operator of
certain properties and (4) estimates regarding the reserve potential of its
various properties. These statements are qualified by important factors
that could cause the Company's actual results to differ materially from
those reflected by the forward-looking statements. Such factors include
but are not limited to: (1) the Company's ability to finance the continued
exploration, drilling and operation of its various properties, (2)
positive confirmation of the reserves, production and operating expenses
associated with its various properties; and (3) the general risks
associated with oil and gas exploration, development and operation,
including those risks and factors described from time to time in the
Company's reports and registration statements filed with the Securities and
Exchange Commission, including but not limited to the Company's Annual
Report on Form 10-K, Form 10-K/A and Form10-K/A for the year ended
December 31, 2008 filed with the Securities and Exchange Commission on
March 31, 2009, April 29, 2009 and September 11, 2009, respectively, and
the Company's Quarterly Reports on Form 10-Q for the quarters ending March
31, 2009 and June 30, 2009, filed on My 11, 2009 and August 14, 2009,
respectively. The Company cautions readers not to place undue reliance on
any forward-looking statements. The Company does not undertake, and
specifically disclaims any obligation, to update or revise such statements
to reflect new circumstances or unanticipated events as they occur.