HOUSTON, TX--(Marketwire - April 12, 2010) - Magnum Hunter Resources Corporation (
Mr. Farrell has 31 years of increasing responsibility and executive management experience in all facets of land management and business development associated with the upstream energy industry. He currently serves as President of JR Farrell Enterprises LLC, a privately-held entity active in upstream energy, land management, legal consulting, real estate and agricultural investments. From July 1999 until June 2005, Mr. Farrell served as Vice President of Land-Onshore for the "old" Magnum Hunter Resources, Inc. and its wholly-owned subsidiaries of Prize Energy Corporation and Gruy Petroleum Management Company. Previously, from 1979 through 1999, Mr. Farrell held increasing positions of responsibility with companies such as Coastal Oil & Gas, Rancho Resources, Solaris Energy, and Pioneer Natural Resources USA, Inc. Mr. Farrell earned his Bachelor of Arts degree with majors in business and marketing from the University of Richmond (Virginia) in 1979, and was honored as a member of 'Who's Who in American College Students.'
MANAGEMENT COMMENTS
Mr. Gary C. Evans, Chairman and CEO of Magnum Hunter, commented, "Having worked with Rick Farrell for a number of years at the 'old' Magnum Hunter subsequent to our $500 million acquisition of Prize Energy back in 2002, I can personally attest to Rick's business acumen, negotiating skills, and tireless work ethic. As the Business Development Manager at Triad Hunter, Rick Farrell's primary task will be sourcing and working with senior management on additional acquisition opportunities in this region. With our Eureka Hunter pipeline expansion plans well underway in an area where large amounts of shut-in gas continues to exist, we are hopeful to identify additional expansion opportunities in this region that includes all facets of our business. We don't believe you can accomplish this goal very well and move at the speed which we are planning to expand from offices located in Houston, Texas. Rick Farrell will be joining Jim Denny, President of Triad Hunter and Kirk Trosclair, Senior Vice President of Equipment Services, as new management team members who are focused on this region of growth for Magnum Hunter."
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 of exploratory leases and producing properties, secondary enhanced oil recovery projects, exploratory drilling, and production of oil and natural gas in the United States. The Company is presently active in three of the "big four" emerging unconventional shale plays in the United States.
For more information, please view our website at http://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 and Triad's various properties, (2) the expected production and revenue from its and Triad's various properties, (3) the Company's proposed redirection as an operator of certain properties and (4) estimates regarding the reserve potential of its and Triad's 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 and Triad's various properties, (2) positive confirmation of the reserves, production and operating expenses associated with its and Triad's 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 for the year ended December 31, 2009 filed with the Securities and Exchange Commission on March 31, 2010. 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.
Contact Information:
Contact:
M. Bradley Davis
Senior Vice President of Capital Markets
bdavis@magnumhunterresources.com
(832) 203-4545