Magnum Hunter Resources Further Expands Marcellus and Utica

Magnum Hunter Resources Further Expands Marcellus and Utica Leasehold
Position in Ohio 
HOUSTON, TX -- (Marketwire) -- 01/02/13 --  Magnum Hunter Resources
MKT: MHR.PRE) (the "Company") announced today a new Joint Operating
Agreement ("Agreement") with Eclipse Resources I, LP ("Eclipse"), a
privately-held company headquartered in State College, Pennsylvania.
The contract area covers an existing mineral leasehold position
currently owned by both companies in the Marcellus Shale and Utica
Shale Formations located in Monroe County, Ohio. 
Terms of the new Agreement include Magnum Hunter's wholly-owned
subsidiary, Triad Hunter, LLC ("Triad Hunter") and Eclipse,
collectively working together within the contract area on an equal
and joint basis on approximately 1,950 net mineral acres with the
objective of drilling approximately twelve horizontal wells in the
Marcellus Shale and twelve horizontal wells in the Utica Shale over
the next three years. It is estimated that the total combined capital
costs associated with this development effort in the contract area
will exceed $200 million. Triad Hunter has been designated Operator
within the contract area and each company will own approximately 47%
working interest under the Agreement. The balance of the working
interest within the contract area is owned by industry third parties.
Eclipse has also agreed to commit its share of production from the
contract area to a new pipeline system currently under construction
by Magnum Hunter's subsidiary, Eureka Hunter Pipeline, LLC.  
Magnum Hunter Management Comments 
Mr. James W. Denny, III, President of Triad Hunter, LLC, commented,
"We are pleased to partner with such a formidable competitor in our
region such as Eclipse Resources. Our geological interpretation of
this area indicates the potential to yield not only high volume wells
in the Utica Shale, but it is also located within the liquids-rich
regime of the Marcellus Shale where Triad Hunter has already drilled
two successful Marcellus wells immediately adjacent to these
properties. Due to the treacherous terrain in this region and the
need to minimize our collective footprint, forming partnerships like
this enable us to max
imize drainage of our leasehold position. This
joint venture allows Triad Hunter to continue its strategy of
developing high-quality reserves, while providing our midstream
affiliate, Eureka Hunter Pipeline, the opportunity to further expand
its footprint into Ohio." 
About Magnum Hunter Resources Corporation 
Magnum Hunter Resources Corporation and subsidiaries are a Houston,
Texas-based independent exploration and production company engaged in
the acquisition, development and production of crude oil, natural gas
and natural gas liquids, primarily in the states of West Virginia,
Kentucky, Ohio, Texas and North Dakota, and Saskatchewan, Canada. The
Company is presently active in five of the most prolific
unconventional shale resource plays in North America, namely the
Marcellus Shale, Utica Shale, Eagle Ford Shale, Pearsall Shale and
Williston Basin/Bakken Shale.  
For more information about Magnum Hunter, please visit 
Forward-Looking Statements 
The statements and information contained in this press release that
are not statements of historical fact, including any estimates and
assumptions contained herein, are "forward looking statements" as
defined in Section 27A of the Securities Act of 1933, as amended,
referred to as the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, referred to as the Exchange Act.
These forward-looking statements include, among others, statements,
estimates and assumptions relating to our business and growth
strategies, our oil and gas reserve estimates, our ability to
successfully and economically explore for and develop oil and gas
resources, our exploration and development prospects, future
inventories, projects and programs, expectations relating to
availability and costs of drilling rigs and field services,
anticipated trends in our business or industry, our future results of
operations, our liquidity and ability to finance our exploration and
development activities and our midstream activities, market
conditions in the oil and gas industry and the impact of
environmental and other governmental regulation. In addition, with
respect to any pending acquisitions described herein, forward-looking
statements include, but are not limited to, statements regarding the
expected timing of the completion of the proposed transactions; the
ability to complete the proposed transactions considering the various
closing conditions; the benefits of such transactions and their
impact on the Company's business; and any statements of assumptions
underlying any of the foregoing. In addition, if and when any
proposed transaction is consummated, there will be risks and
uncertainties related to the Company's ability to successfully
integrate the operations and employees of the Company and the
acquired business. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may,"
"will," "could," "should," "expect," "intend," "estimate,"
"anticipate," "believe," "project," "pursue," "plan" or "continue" or
the negative thereof or variations thereon or similar terminology. 
These forward-looking statements are subject to numerous assumptions,
risks, and uncertainties. Factors that may cause our actual results,
performance, or achievements to be materially different from those
anticipated in forward-looking statements include, among others, the
following: adverse economic conditions in the United States, Canada
and globally; difficult and adverse conditions in the domestic and
global capital and credit markets; changes in domestic and global
demand for oil and natural gas; volatility in the prices we receive
for our oil and natural gas; the effects of government regulation,
permitting and other legal requirements; future developments with
respect to the quality of our properties, including, among other
things, the existence of reserves in economic quantities;
uncertainties about the estimates of our oil and natural gas
reserves; our ability to increase our production and therefore our
oil and natural gas income through exploration and development; our
ability to successfully apply horizontal drilling techniques; the
effects of increased federal and state regulation, including
regulation of the environmental aspects, of hydraulic fracturing; the
number of well locations to be drilled, the cost to drill and the
time frame within which they will be drilled; drilling and operating
risks; the availability of equipment, such as drilling rigs and
transportation pipelines; changes in our drilling plans and related
budgets; regulatory, environmental and land management issues, and
demand for gas gathering services, relating to our midstream
operations; and the adequacy of our capital resources and liquidity
including, but not limited to, access to additional borrowing
These factors are in addition to the risks described in the "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of the Company's 2011
annual report on Form 10-K, as amended, filed with the Securities and
Exchange Commission, which we refer to as the SEC. Most of these
factors are difficult to anticipate and beyond our control. Because
ward-looking statements are subject to risks and uncertainties,
actual results may differ materially from those expressed or implied
by such statements. You are cautioned not to place undue reliance on
forward-looking statements contained herein, which speak only as of
the date of this document. Other unknown or unpredictable factors may
cause actual results to differ materially from those projected by the
forward-looking statements. Unless otherwise required by law, we
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. We urge readers to review and consider
disclosures we make in our reports that discuss factors germane to
our business. See in particular our reports on Forms 10-K, 10-Q and
8-K subsequently filed from time to time with the SEC. All
forward-looking statements attributable to us are expressly qualified
in their entirety by these cautionary statements. 
Magnum Hunter Resources
Investor Relations
(832) 203-4539 
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