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Magnum Hunter has emerged as one of the nation's fastest growing publicly traded independent oil and gas producers with a superior team of experienced people. In December 1995, Magnum Petroleum merged with Hunter Resources to create Magnum Hunter Resources, Inc. Through strategic acquisitions and selective drilling projects, Magnum Hunter has successfully expanded its interest to more than 3,000 wells in Texas, Oklahoma, New Mexico, Louisiana, Arkansas and the shallow Gulf of Mexico.
Reserves have grown to 383 Bcfe at the end of 1999 from 38 Bcfe at year-end 1995. Daily oil and gas production increased to more than 80 MMcfe at the end of 1999 from 10 MMcfe in 1996. The 89 employees in each of the Company?s five district offices and in the Dallas headquarters are instrumental to that growth. Leveraging employee strengths and knowledge is essential to the Company's success in adding value in each of our core operating areas.
The objective of all energy companies engaged in the production of oil and gas is to expand reserves and productive capacity at an economically attractive cost in order to build cash flow, earnings and returns to shareholders. Magnum Hunter has consistently and successfully pursued a business strategy that targets the acquisition of long-lived proven reserves on properties with identifiable and significant exploration and development drilling opportunities. Over the last year, Magnum Hunter has broadened its focus area to include shallow water Gulf of Mexico exploration and development, which complements the Company's long-lived reserves with shorter-lived, high-volume projects.
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