Hunt Oil Company Announces Executive Promotions

Ray L. Hunt, CEO of Hunt Oil Company, announced that James B. Jennings will become Chairman of Hunt Oil Company and Stephen C. Hurley will become President of Hunt Oil Company, effective immediately. Ray L. Hunt will remain as Chief Executive Officer.

Jennings, 63, has served as President of Hunt Oil Company since l999. In addition to his duties as Chairman, Jennings will continue to oversee the development of liquefied natural gas (LNG) as a new line of business for Hunt Oil, including Hunt's Peru LNG project.

Jennings has been with Hunt Oil Company for 25 years, serving in all aspects of Hunt's exploration and production activities with increasing responsibilities over the years. He joined Hunt in 1979. From 1979 to 1984, he was Division Exploration Manager for Hunt's Gulf Coast division in Houston, an office which he opened for the company. He served as Senior Vice President of Domestic Exploration and Production from 1984 to 1987, and as Group Vice President-Exploration from 1987-1991. Jennings' work experience at Hunt includes his service as Executive Vice President from 1991 to 1999.

Hurley, 54, will assume overall day-to-day responsibilities for Hunt Oil Company operations, including exploration, production and marketing. Hunt Oil engages in exploration and production activities in the United States, Canada, the Middle East, South America, Africa and Europe.

Hurley joined Hunt in August 2001, following Hunt's acquisition of Chieftain International, Inc. Hurley was senior vice president and chief operating officer at Chieftain and a member of the board of directors. Prior to that, Hurley was vice president of exploration and production for Murphy Exploration and Production Company. Hurley began his career at Exxon Company USA. He is a University of Arkansas graduate with a master of science in geology. He also holds an advanced degree in business studies from Harvard University.

"Hunt Oil Company has grown and our global interests have expanded significantly in recent years. I am therefore particularly pleased that we will benefit from the leadership of these two outstanding individuals to guide our organization in the coming years," said Ray Hunt.