Magnum Hunter Resources, Inc. has been approved to list its common stock on the New York Stock Exchange. The Company anticipates its shares to begin trading on the NYSE on June 25, 2002, under the symbol "MHR". Until that time, the Company's shares will continue trading on the American Stock Exchange under the same ticker symbol.
Gary C. Evans, Chairman, President, and Chief Executive Officer stated, "Magnum Hunter has emerged as one of the nation's fastest growing publicly traded independent oil and gas producers. The Company has successfully grown daily production at a compounded annual growth rate of 53% beginning with the December 1995 merger of Magnum Petroleum and Hunter Resources which created Magnum Hunter Resources, Inc. Since that time, proven reserves have increased 24 times from 38 to 921 billion cubic feet equivalent (Bcfe), daily production has increased 23 times from 10 to 233 million cubic feet equivalent of gas per day (MMcfed), while shares outstanding have only increased less than 6 times from 12 to 69 million common shares. Our efforts have been focused on building a bigger and stronger domestic energy company through a three-fold strategy of acquisitions, exploitation and exploration. On March 15, 2002, with the closing of the Prize Energy merger, Magnum Hunter became a mid-cap, domestic energy company with an enterprise value exceeding $1.2 billion. We believe listing our securities on the NYSE will improve the visibility and liquidity of our common stock to investors, a growing portion of which has become internationally owned and controlled. By achieving this milestone of listing our securities on the world's largest marketplace, our shareholders will be the ultimate beneficiaries."