Magnum Hunter Commences Production from GOM Field

Magnum Hunter Resources has commenced from West Cameron Block 426 located on the Outer Continental Shelf of the Gulf of Mexico. Additionally, the Company anticipates the start of new production from West Cameron Block 416 later this week, Ship Shoal 28 next month and West Cameron Block 428 within ten weeks.

West Cameron Block 426 is located approximately 120 miles southwest of Iberia, Louisiana in approximately 100 feet of water. The No. 1 well was recently placed on production from a depth of approximately 7,000 feet at the aggregate rate of 15 million cubic feet of natural gas equivalents per day (MMcfe per day). Magnum Hunter owns a 50% working interest in the well. Remington Oil and Gas Corporation is operator and owns the remaining 50% working interest.

The previously announced West Cameron 416 #1 discovery well tested at a daily production rate of 14 Mmcfe and is expected to start production before the end of this week. Magnum Hunter owns a 25% working interest in the West Cameron 416 lease block. Remington Oil and Gas Corporation is the operator and owns a 50% working interest.

The West Cameron Block 428 #1 discovery well recently tested at a daily production rate of 8.5 MMcfe and is expected to start production within ten weeks. Magnum Hunter owns a 25% working interest in the well. Remington Oil and Gas Corporation is operator and owns a 50% working interest.

First production from the Ship Shoal Block 28 #1 discovery is anticipated around the middle of April. The well tested at a daily production rate of 9.0 MMcfe. Magnum Hunter owns a 15% working interest in the well. Callon Petroleum Operating Company is the operator and owns a 35% working interest.

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