Magnum Hunter Announces 8 Discoveries in the Gulf of Mexico

Magnum Hunter Resources reports eight new exploration field discoveries (ten wells) on the Shelf in the Gulf of Mexico.

Magnum Hunter owns a 50% working interest in a new two-well field discovery drilled in May 2004 at South Marsh Island 113. The two wells will be produced from a common platform production facility and produced via a pipeline to South Marsh Island 108, construction of which should commence late in the third quarter of 2004. First production is anticipated during the fourth quarter of 2004. Remington Oil and Gas Corp. owns the remaining 50% working interest and operates the lease block.

West Cameron 567 was drilled in April 2004 where Magnum Hunter owns a 37.5% working interest in the four lease blocks comprising the prospect area. First production is anticipated during the third quarter of 2004. Gryphon Exploration Company owns a 50% working interest and operates the lease block.

Magnum Hunter owns a 100% working interest in Main Pass 99, drilled in May 2004. Forest Oil drilled the well with Magnum Hunter; the well will now be taken over and operated by Magnum Hunter. A new production pipeline will tie the well back to the Magnum Hunter Main Pass 178 A Platform. Initial production is scheduled to begin during the fourth quarter of this year.

In July of this year, a discovery well was drilled on Vermilion 64 lease block where Magnum Hunter owns a 25% working interest. First production is anticipated during the third quarter of 2004. Remington owns a 50% working interest and operates the lease block.

A new production test from two zones of 13.4 Mmcf and 1,350 barrels of condensate per day was recorded at East Cameron 205 where Magnum Hunter owns a 40% working interest. First production is anticipated during the third quarter of 2004. Remington owns the remaining 60% working interest and operates this lease block.

At Vermilion 241, Magnum Hunter owns a 50% working interest in a new discovery well drilled in April 2004. The well tested at a rate of up to 22 Mmcf and 1,000 barrels of condensate per day per day from two horizons. First production is anticipated during the third quarter of 2004. Remington owns the remaining 50% working interest and operates this lease block.

At West Cameron 383, Magnum Hunter owns a 25% working interest in a new discovery drilled in May 2004. The well tested at a rate of up to 6.7 Mmcfe per day. First production is anticipated during the third quarter of 2004. Remington owns a 50% working interest and operates this lease block.

Magnum Hunter owns a 40% working interest in a new two-well discovery drilled in May 2004 at West Cameron 398. The B-1 and B-2 commenced production earlier this month at a combined rate of approximately 20 Mmcfe per day. Remington owns the remaining 60% working interest and operates this lease block.

Recent subsea completions at Ship Shoal 322 and Eugene Island 304, both blocks being operated by Remington, recently began production. The two wells have been producing at a combined average rate of over 48 Mmcfe per day for over one month.

The ten project areas along with Magnum Hunter's respective ownership position are as follows:


     South Marsh Island 113 (50% W.I.)        Vermilion 241 (50% W.I.)

     West Cameron 567 (37.5% W.I.)            West Cameron 383 (25% W.I.)

     Main Pass 99 (100% W.I.)                 West Cameron 398 (40% W.I.)

     Vermilion 64 (25% W.I.)                  Ship Shoal 322 (25% W.I.)

     East Cameron 205 (40% W.I.)              Eugene Island 304 (50% W.I.)
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