Magnum Hunter declared operational and financial results for the three and twelve month periods ended December 31, 2010.

2010 Summary Substantial growth in reserves (+116%) and production (+133%) Substantially expanded lease acreage positions in the Eagle Ford and Marcellus shale plays Completed asset acquisition of Triad Energy for $81 million Agreed to acquire NGAS Resources in a stock and assumed debt transaction valued at $98 million (Appalachia) Agreed to acquire NuLoch Resources in a stock transaction valued at $327 million (Williston Basin) Divested non-core Cinco Terry asset for $21.5 million Issued $100 million in Perpetual Preferred Stock (non-convertible) Successful results in the Marcellus and Eagle Ford drilling programs Began trading on the NYSE Operational Results for the Three Months and Full Year Ended December 31, 2010 Production for the fourth quarter of 2010 was approximately 152 mboe (66% crude oil and NGLs), or 1,652 boe per day, representing a 125% increase compared with production of approximately 68 mboe (71% crude oil and NGLs), or 736 boe per day, in the fourth quarter of 2009. Fourth quarter 2010 production was negatively impacted by the October 1, 2010 sale in the amount of $21.5 million of the Company's 10% non-operated working interest in the Cinco Terry field in West Texas, which accounted for approximately 470 boe per day of production at the time of the sale. However, due to the Company's successful drilling in both the oil leg of its Eagle Ford Shale play of south central Texas and the liquids rich Marcellus Shale play of northwest West Virginia, we were able to more than replace this production by year end. Magnum Hunter's average daily production rate as of December 31, 2010 was 2,732 Boe per day (55% crude oil) and the Company is currently producing in excess of 3,000 boe per day (57% crude oil). Upon closing of the announced acquisitions of NGAS Resources, Inc. (NASDAQ:NGAS - News) ("NGAS") and NuLoch Resources, Inc. (TSX:NLR - News) (OTCQY: NULCF) ("NuLoch"), Magnum Hunter expects daily production to increase to over 6,000 boe per day (56% crude oil) and anticipates an exit rate in 2011 exceeding 10,000 boe per day.

The Company's fiscal year ended December 31, 2010 production increased 133% to 597 mboe from 257 mboe for the year ended December 31, 2009. Production for 2010 was approximately 64% oil and NGLs compared to 70% oil and NGLs for 2009. The change in the percent of oil and gas produced was primarily due to the acquisition of the assets of Triad Energy, which closed in February 2010. Our average daily production on an equivalent basis was 1,636 boe per day during 2010 compared to 703 boe per day for 2009, representing an overall increase of 133%, or 933 boe per day.

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