Magnum Hunter Names New Chairman

The Board of Directors of Magnum Hunter Resources, Inc. has elected Gary C. Evans to be Chairman of the Company as of September 1, 2001. He will also retain his position as the Company's President and Chief Executive Officer. Evans, 44, succeeds Matthew C. Lutz who retired as Chairman and Executive Vice President at the beginning of September.

Evans has served as President, Chief Executive Officer and a Director of Magnum Hunter Resources, Inc. since December 1995 and Chairman and Chief Executive Officer of all of the Magnum Hunter subsidiaries since their formation or acquisition. In 1985, Mr. Evans founded the predecessor company, Hunter Resources, Inc., that was merged into and formed Magnum Hunter some ten years later. Evans serves on the board of three private Texas-based companies that Magnum Hunter owns various minority interests in, including (i) Swanson Consulting Services, Inc., a geological consulting firm; (ii) NGTS, LLC, a natural gas marketing company and (iii) Aurion Technologies, Inc., a company that provides web-enabled automation to the oil and natural gas industry. He also serves as a Trustee of TEL Offshore Trust, a Nasdaq listed oil and gas trust of which Magnum Hunter owns an approximate 41% interest.

Evans is active in numerous business, professional, and community organizations.