HOUSTON, TX--(Marketwire - October 7, 2010) - Magnum Hunter Resources Corporation (NYSE Amex: MHR) (NYSE Amex: MHR-PC) ("Magnum Hunter," or the "Company") announced today the execution of a new Joint Operating and Exploration Agreement ("Joint Agreement") with a privately-held independent exploration and production company (the "Independent"). The Area of Mutual Interest ("AMI") covers certain specific lease acreage positions currently owned by both Magnum Hunter and the Independent located in Gonzales and Lavaca Counties, Texas.

Terms include the parties agreeing to work together in the AMI on a "fifty-fifty" basis for all future leasing, exploration, drilling, completion and development costs and other expenses. Magnum Hunter will be the named Operator in the AMI. All contemplated wells under the Joint Agreement within the AMI will be horizontal Eagle Ford Shale wells. The effective date for the Joint Agreement is October 1, 2010.

Magnum Hunter and the Independent are each contributing approximately 1,500 net lease acres located in Gonzales and Lavaca Counties, Texas to the AMI under the new Joint Agreement. Any acreage differences will be balanced between the two companies with a cash payment to the other party.

Magnum Hunter and its partner will jointly drill a minimum of two wells in the AMI. Magnum Hunter plans to spud the first well under the Joint Agreement within the next two weeks, the Southern Hunter. Drilling operations have been completed on the Lagunillas Camp #2H located in Atascosa County (MHR's third Eagle Ford well) and the drilling rig is currently being dismantled to move to this new drilling location. The second well in the new AMI is contemplated to spud on or before 90 days after the completion, evaluation and start of production for the first well drilled under the Agreement.

Management Comments

Mr. H.C. "Kip" Ferguson, Executive Vice President of Exploration for Magnum Hunter, commented, "We are pleased to announce our second joint venture in the Eagle Ford shale play of South Texas. Magnum Hunter is continuing its efforts to spread our exploratory risk over a larger number of prospects in the Eagle Ford Shale play. With production results from the Gonzo Hunter #1H (currently producing) and the Lagunillas Camp #1H and #2H (both waiting on frac) to be released in the near future, we remain convinced that Magnum Hunter's continuing efforts in this emerging unconventional play will add significant incremental value to our shareholders."

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 shale plays in the United States.

For more information, please view our website at http://www.magnumhunterresources.com/

Forward-Looking Statements

This press release contains statements concerning Magnum Hunter Resources Corporation's expectations, beliefs, plans, intentions, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not historical facts. These statements and others contained in this presentation 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"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995 (the "Litigation Reform Act"). Actual results may differ materially from those expressed or implied by these statements. You can generally identify our forward-looking statements by the words "anticipate", "believe" ,"continue", "could", "estimate", "expect", "forecast", "goal", "intend", "may", "objective", "plan", "potential", "predict", "projection", "should", "will", or other similar words. Such forward-looking statements 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, (3) the general risks associated with oil and gas exploration, development and operations, 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 period ended December 31, 2009 filed on March 31, 2010, and the Company's Quarterly Reports on Form 10-Q for the quarters ending September 30, 2009, March 31, 2010, and June 30, 2010, filed on November 16, 2009, May 17, 2010, and August 12,2010, respectively. Magnum Hunter Resources Corporation cautions readers not to place undue reliance on any forward-looking statements. Magnum Hunter Resources Corporation 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:

M. Bradley Davis
Senior Vice President of Capital Markets
(832) 203-4545