Magnum Hunter

Magnum Hunter Resources, Inc. has participated in two successful natural gas discoveries in the Gulf of Mexico. The discovery on South Marsh Block 235 was drilled by Parker Drilling's jackup, PD-14J, to a true vertical depth of 10,670 feet and logged over 74 net feet of gas/condensate pay. Production is expected in early 2001. Basin is the operator of South Marsh Block 234 and Block 235 with a 75 percent working interest and Magnum Hunter holds the remaining 25 percent. The discovery on South Timbalier 250 was drilled by Marine Drilling's jackup, Marine 3, to a depth of 5,500 feet and logged 60 net feet of gas pay. This discovery will be connected to production facilities on South Timbalier Block 265 with production also expected to begin early in 2001. Magnum Hunter and Chieftain each own a 50 percent working interest in South Timbalier Block 250.