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.
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