Magnum Hunter Resources Corporation provided an operational update on each of the Company's three upstream unconventional resource plays for the fourth quarter of 2011 which include (i) the Eagle Ford Shale, (ii) the Williston Basin, and (iii) the Appalachia/Marcellus/Utica Shale. Additionally, the Company also provided an operational update for the Company's midstream division, Eureka Hunter Pipeline.

Magnum Hunter achieved an average production rate of 9,166 barrels of oil equivalent per day ("Boepd") during the fourth quarter of 2011. This production rate represents a 455% increase from the fourth quarter 2010 production and a 74% increase from the prior quarter (third quarter 2011) average production number. This significant production increase is due primarily to the drilling and completion success achieved in each of the Company's operating regions. The Company had a year-end 2011 exit rate above 12,500 Boepd and is currently producing over 13,000 Boepd (45% oil/liquids).

Eagle Ford

During the fourth quarter of fiscal year 2011, Eagle Ford Hunter, Inc. ("Eagle Ford Hunter") completed and placed on production four gross operated wells (two net) in the Eagle Ford Shale. All four wells had an initial production rate in excess of 1,200 Boepd separately in their initial one-day test period, with one of the wells testing over 2,000 Boepd.

Highlights for Eagle Ford Hunter include:

■ The Furrh #2H which was drilled to a measured depth of 15,876 feet (horizontal lateral length of 5,945 feet), was fraced with 20 stages and placed on production November 11, 2011. The 24 hour flowing initial production rate ("IP") was 1,275 Boepd on a 19/64" choke with 1,680 psi FCP. Magnum Hunter operates the Furrh #2H and owns a 50% working interest. ■ The Kudu Hunter #1H was drilled and cased to a measured depth of 16,412 feet (horizontal lateral length of 5,696 feet), and was fraced with 20 stages in mid-November. The 24 hour IP rate was 1,590 Boepd on a 22/64" choke with 2,200 psi FCP. The Kudu Hunter #1H was placed on production November 26, 2011. Magnum Hunter operates the Kudu Hunter #1H and owns a 46.3% working interest. ■ The Snipe Hunter #1H was drilled and cased to a measured depth of 16,202 feet (horizontal lateral length of 6,094 feet), and was fraced with 23 stages in late December. The 24 hour IP rate was 2,033 Boepd on a 20/64" choke with 2,100 psi FCP. The Snipe Hunter #1H was placed on production December 30, 2011. Magnum Hunter operates the Snipe Hunter #1H and owns a 50% working interest. ■ The Leopard Hunter #1H was drilled and cased to a measured depth of 16,936 feet (horizontal lateral length of 6,708 feet), and was fraced with 25 stages in early January. The 24 hour IP rate was 1,333 Boepd on an 18/64" choke with 1,700 psi FCP. The Leopard Hunter #1H was placed on production January 8, 2012. Magnum Hunter operates the Leopard Hunter #1H and owns a 50% working interest.

Mr. H.C. "Kip" Ferguson, President of Eagle Ford Hunter commented, "We are continuing to see a significant improvement in IP24, 30 and 60 day production rates as a result of our increasing knowledge, improved fracing techniques, and the combination of longer laterals and more frac stages per lateral. Since we have implemented these changes, our average IP24 rates have been in excess of 1,650 Boepd with a high test rate of 2,000 Boepd. We are fortunate to hold some of the better mineral lease acreage positions in the entire Eagle Ford play when comparing rates of return on capital deployed along with the premium product pricing for our produced high quality crude and high BTU natural gas. Eagle Ford Hunter has a substantial inventory of 198 drilling locations currently identified across our 52,000 gross leasehold acreage position. Magnum Hunter's in-house reservoir engineers have identified a net unrisked resource potential of approximately 39.0 million net Boe's on our leasehold acreage."

Tags: Magnum Hunter Resources Corporation