Magnum Hunter Resources Closes Sale of Eagle Ford Shale Properties for Total Purchase Price of $401 Million

Magnum Hunter Resources Closes Sale of Eagle Ford Shale Properties for Total 
Purchase Price of $401 Million 
Proceeds to Be Used to Improve Liquidity, Pay Down Debt and Reinvest
in Growth 
HOUSTON, TX -- (Marketwired) -- 04/24/13 --  Magnum Hunter Resources
MKT: MHR.PRE) (the "Company") announced today that the Company has
closed on the sale of all its ownership interests in the Company's
Eagle Ford Shale properties located in Gonzales and Lavaca Counties
of South Texas to a wholly-owned subsidiary of Penn Virginia
Corporation (NYSE: PVA), for a total purchase price of $401 million.
The total consideration was comprised of (i) $361 million in cash and
(ii) 10,000,000 shares of common stock of Penn Virginia Corporation
(valued at $4.00 per share), before taking into account customary
purchase price adjustments. The effective date of the transaction was
January 1, 2013. The Company has retained approximately 7,000 net
mineral acres located in Fayette, Lee, and Atascosa Counties in South
The Company intends to use the net proceeds from the sale to
completely pay-off all outstanding borrowings under its Senior
Revolving Credit Facility and for general corporate purposes. As a
result of the sale, the Company's borrowing base under its Senior
Revolving Credit Facility has now been reduced from $350 million to
$265 million, a decrease of approximately 24%. With this closing
today, the Company will have $375 million of cash liquidity
available. As previously disclosed, the Company intends to allocate
its $300 million upstream capital expenditure budget for calendar
2013 evenly between its Williston and Appalachian Basin Divisions, a
large portion of which will be funded from existing cash flow.  
The closing of the sale of the Eagle Ford Shale properties represents
a further step by the Company to take a holistic view of its asset
base and identify assets, including non-core assets, which could be
monetized and reallocated to higher growth properties. In recent
months, the Company has continued to evaluate its asset base and
believes that a focus on core assets is essential for its future
plan. Today's announcement is seen as the first step in ensuring that
he Company's asset mix continues to provide its shareholders with
the best possibilities for value creation.  
Magnum Hunter Management Comments 
Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer
of Magnum Hunter, commented, "We are very pleased with this first
step in our monetization plan that we were successful in closing
ahead of schedule today. We are working to ensure that all of our
assets are being utilized in the best possible way to enhance
shareholder value. Magnum Hunter has an impressive portfolio of
remaining assets and a strong management and technical team in place
to make informed decisions regarding proper capital allocation for
future growth." 
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 four of the most prolific
unconventional shale resource plays in North America, namely the
Marcellus Shale, Utica Shale, Pearsall Shale and Williston
Basin/Bakken Shale.   
For more information, please view our website at 
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 transactions described herein, forward-looking
statements include, but are not limited to, statements regarding the
expected timing of the completion of proposed transactions; the
ability to complete proposed transactions considering various closing
conditions; the benefits of any 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, natural gas and natural gas liquids; 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
forward-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. 
Chris Benton 
AVP, Finance and Capital Markets 
(832) 203-4539 
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