Magnum Hunter Provides Operations Update

Magnum Hunter Resources, Inc. has commenced production from one new well drilled at South Timbalier Block 264 in the Gulf of Mexico at a rate of 6.5 million cubic feet of natural gas and 185 barrels of oil per day. The ST 264 #A3 well was drilled by Noble Drilling's jackup, Noble Bill Jennings to a measured depth of 7,494 feet and logged 80 feet of gross gas pay. Two other wells are in the process of being completed on this newly installed four-slot platform. Additional development on South Timbalier Block 264 is planned for later in the year with the likelihood of a second platform. Magnum Hunter is operator and owns 100% working interest in South Timbalier 264. Production from this Block is connected to the Magnum Hunter 50% owned and operated South Timbalier Block 265 main processing platform, which also processes gas from the Company's 50% owned South Timbalier Block 250. The combined gross production at this facility is now approximately 28 MMcfd and 500 BBld.

Magnum Hunter also recently participated in a new field discovery at Eugene Island Block 302 in the Gulf of Mexico. The Eugene Island Block 302 #1 well was drilled to a measured depth of 10,694 feet and encountered 103 feet of true vertical thickness pay in two pleistocene age sands. Pipe was run and the well was mud line suspended. The well is located in 225 feet of water 140 miles southwest of New Orleans, Louisiana and was drilled by Marine Drilling's jackup, Marine 15. Once a production facility is constructed and installed, a second well will be drilled into an adjacent fault block, and if successful, both wells will be brought on production. Production is anticipated to commence in the second quarter of 2002. Magnum Hunter owns a 30% working interest in the discovery well and Eugene Island Block 302. Remington Oil and Gas Corporation is operator of the discovery with a 57.5% working interest. Wiser Oil and Gas owns the remaining 12.5%.