Magnum Hunter Resources Elects Jeff Swanson to Board
Magnum Hunter Resources announced today the election of Mr. Jeff Swanson to the Company's Board of Directors. Mr. Swanson will serve as an Independent Director for a three year term expiring 2012. With the election of Mr. Swanson, the Magnum Hunter Resources Board of Directors increases to nine members, three of which are deemed insiders.
Mr. Swanson currently serves as the President and Chief Executive Officer of two privately held companies, GrailQuest Corp. and Durango Resources Corp. He has been actively engaged in the exploration and production sectors of the oil and gas industry for over 30 years. Mr. Swanson co-founded Stratamodel, Inc., the first commercially available 3-D geocellular technology which today is a standard workflow tool in the oil and gas industry. He is co-author of two patents including ReservoirGrail, an increasingly used reservoir volumetric material balancing simulator. Mr. Swanson received his B.B.A. from Southern Methodist University and is a member of the Society of Petroleum Engineers (SPE), Association of Petroleum Geologists (AAPG), Houston Geological Society (HGS), Independent Petroleum Association of America (IPAA) and the National Stripper Well Association (NSWA). He is an individual trustee of Tel Offshore Trust. Mr. Swanson is a published author on several papers and articles regarding various technologies and methodologies used for enhancing and increasing the value of mature oil and gas fields.
"I am excited to be joining the Magnum Hunter team as an Independent Director of the Board. The current low commodity price environment for crude oil and natural gas makes this an excellent time for an oil & gas company like Magnum Hunter to be in acquisition mode. Gary Evans has pulled together an excellent group of industry professionals with many years of successful experience. This group of professionals has a demonstrated ability to grow a company and create substantial value for shareholders. I look forward to assisting management in all phases of the Company's growth," stated Mr. Swanson.
Mr. Gary C. Evans, Chairman of the Company, commented, "I am very pleased to announce the election of Jeff Swanson as a new independent director. I have personally known and worked with Jeff now for over ten years. His large circle of contacts within the oil and gas business and his in-depth technical knowledge of certain mature fields will be another added benefit to our organization. Jeff's experience can immediately contribute to Magnum Hunter's new focus on acquisitions and development of predominately distressed properties owned by banks, financial institutions, private equity funds, and hedge funds. We continue to evaluate many new opportunities presented to our Company for review. The timing with respect to booking new proved reserves during the present down cycle will ultimately provide superior returns to our shareholders once commodity prices begin recovering over the next several years as supply and demand are rebalanced."
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