Magnum Hunter Announces New Discoveries in the Gulf of Mexico

Magnum Hunter has participated in two new discoveries in the Gulf of Mexico. The first discovery on High Island A-441 was drilled by Marine Drilling's jackup, Marine 16 was drilled to a depth of 8,700 feet in 168 feet of water. Wireline logs indicate over 100 feet of true vertical gas pay thickness in a single sand from the #1 well. Production casing has been set and completion operations are underway. Production is expected in the first quarter of 2001. Remington is the operator of this well and owns a 75 percent interest and Magnum Hunter owns the remaining 25 percent interest. The second discovery was made on East Cameron 345 by R&B Falcon's semisub, C. Kirk Rhein Jr. in 300 feet of water. This will logged 30 feet of oil pay below 8,000 feet. The well has been temporarily abandoned while waiting for platform installation on the Company's other recent discoveries on East Cameron 344 and East Cameron 364. Further drilling is expected after platform installation. Magnum Hunter holds a 12.5 percent working interest in Block 345, Remington holds a 37.5 percent working interest and W&T Offshore is the operator holding the remaining 50 percent. Remington is the operator of East Cameron 344 and East Cameron 364 with a 75 percent working interest.