Magnum Hunter Resources, Inc. has participated in a new oil and natural gas discovery in the Gulf of Mexico. The exploration discovery well was drilled on the East Cameron 344 Block in the shallow water shelf area of the Gulf of Mexico by Ensco's jackup, Ensco 67. This new discovery was drilled to a total depth of 13,847 feet and encountered significant shows of oil and natural gas in two separate intervals between 12,000 feet and 12,400 feet. Logging surveys and sidewall cores indicate both zones to be oil and gas bearing with approximately 73 feet of cumulative net pay. Casing has been set and the well has been mudline suspended. Magnum Hunter owns a 25 percent working interest in the discovery well and associated lease block. The operator, Remington Oil and Gas Corporation owns a 50 percent working interest. Development plans are underway to install a new production platform in late 2000.