Magnum Hunter Resources Corporation declares a mid-year increase of 13% to the Company's Proved Reserves and a 108% increase to the Company's Standardized Measure of Discounted Future Cash Flows calculation. Both increases are as of June 30, 2009 and compared to the Company's December 31, 2008 Proved Reserves numbers.

Proved Reserves increased 408,000 Boe's to 3.5 Million Boe's (79% crude oil & ngl's, 49% Proved Developed Producing) as of June 30, 2009 as compared to 3.1 Million Boe's (77% crude oil and ngl's, 47% Proved Developed Producing) at December 31, 2008.

Magnum Hunter's June 30, 2009 Standardized Measure of Future Cash Flows increased to $43.7 Million, up $22.7 Million from the December 31, 2008 calculation of $21.0 Million. Along with the 13% increase to actual Proved Reserves at June 30, 2009 as compared to December 31, 2008, crude oil pricing used by the Company at June 30, 2009 was $69.89 per barrel, up 57% from $44.60 per barrel at December 31, 2008. However, natural gas prices decreased (33%) from $5.71 per MMBTU to $3.835 per MMBTU at June 30, 2009.

Approximately 95% of the Company's Proved Reserves and 95% of the value in the Company's Standardized Measure of Discounted Future Cash Flows calculation as of June 30, 2008 were prepared by the Company's third party engineering firms, Cawley, Gillespie & Associates, Inc. and DeGolyer & McNaughton.

Mr. Gary C. Evans, Chairman of the Company, commented, "Our reserve profile is currently leveraged to crude oil pricing which was beneficial to the Company earlier this year. The 25% increase to crude oil prices from year-end to mid-year, which resulted in an over 100% increase in the Company's present value discounted @ 10% of proved reserves, reflects this leverage. As previously reported, Magnum Hunter is now focused on acquisitions and development of predominately distressed properties owned by banks, financial institutions, private equity funds, and hedge funds. We remain excited about the many new opportunities the management team is presently evaluating. We believe the timing with respect to booking new Proved Reserves during the present down cycle will provide superior returns to our shareholders once commodity prices begin to recover over the next several years."

Tags: Magnum Hunter Resources Corporation