13-09-00 Magnum Hunter Resources announced that it has participated in the discovery of two additional exploration blocks and has established new oil and gas production from three other wells in the shallow water shelf area of the Gulf of Mexico. On High Island ("HI") Block A-441, the company participated in a new gas discovery.
Wireline logs and formation tests indicate over 100 feet of true vertical gas pay thickness in a single sand from the #1 exploratory well. HI Block A-441 is located 73 miles offshore Texas in 168 feet of water. The operator, Remington Oil and Gas, drilled this well to 8,700 feet, set production casing, and has commenced completion operations.
Plans are to produce this well through a subsea wellhead which is to be set following completion and flow testing. Production is expected in the first quarter of 2001. Magnum Hunter owns a 25 % working interest. Remington operates this well and owns the remaining 75 % working interest.

On East Cameron ("EC") Block 345, the company participated in a new oil discovery. This exploration well logged 30 feet of oil pay below 8,000 feet and is located near the company's recent EC Block 344 and 364 discoveries where two new production platforms are to be installed later this month.
The latest discovery well on EC Block 345 was temporarily abandoned awaiting platform installation, at which point additional drilling is planned. Magnum Hunter owns a 12.5 % working interest in EC Block 345 and a 25.0 % working interest in EC Blocks 344 and 364. Other working interest holders in EC Block 345 are Remington Oil and Gas Corporation 37.5 % and W & T Offshore, Inc. 50 % who is also the operator. On EC Blocks 344 and 364, Remington serves as operator with a 75 % working interest.
On Vermilion Block 84, initial production commenced in February of this year from the #5 discovery well at the rate of 16 mm cf of natural gas and 1,000 bpd of condensate. Two additional wells, which were drilled during the second quarter of 2000, have recently been placed on line increasing total production from the Vermilion Block 84 to 33 mm cf of natural gas and 1,000 bpd of condensate.

Burlington Resources is the operator of Vermilion Block 84 and owns a 50.00 % - 66.67 % working interest in the three wells. Magnum Hunter owns a 12.50 % - 16.67 % working interest in the three wells and owns net production from the Vermilion Block 84 of approximately 4.5 mm cfpd equivalent.
Commenting on the recent discoveries, Mr. Matthew C. Lutz, Chairman and Executive Vice President, stated, "Magnum Hunter has now been successful on 10 out of 10 exploration prospects drilled in the Gulf of Mexico in calendar year 2000 and 14 out of 16 since entering the Outer Continental Shelf in May, 1999. The company's working interests have varied from 12.50 % to 16.67 % on four discoveries, 25 % on eight discoveries, and 50 % on two discoveries. All of these discoveries are expected to be placed on line by early 2001, providing a significant initial production increase net to the company in the range of 30 to 40 mm cfpd equivalent. Magnum Hunter production volumes for 2001 should be 35 % to 40 % above 2000 levels, increasing from approximately 80 to 110 mm cfpd equivalent, based on discoveries to-date from the Gulf of Mexico as well as our active onshore projects. We have a very exciting exploration program ongoing which is expected to yield additional new discoveries to our company in the future."

Magnum Hunter Resources is one of the nation's fastest growing independent exploration and development companies engaged in the three principal activities: -- the acquisition, production and sale of crude oil, condensate and natural gas;
-- the gathering, transmission and marketing of natural gas; and
-- the managing and operating of producing oil and natural gas properties for interest owners.