MHRC on the OTC market Message Board

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Gold/Mining/Energy : MHRC on the OTC market

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From: JakeStraw	1/28/2010 11:19:57 AM
	of 188

Mr. Gary C. Evans, Chairman of the Company, commented, "We are very pleased to announce final approval by the Bankruptcy Court of our acquisition of the assets of Triad Energy and its related entities. This has been a long road for us in reaching our ultimate goal of confirmation by the Bankruptcy Court. We can now begin the procedure of integrating Triad's diverse group of assets and their employees into our existing base of operations when we close in a couple of weeks. Along with the tremendous upside from an approximate 50,000 net mineral acreage position in the Marcellus Shale, we believe there exists additional upside potential for shareholder value enhancement within the existing Triad asset portfolio. In establishing this new core area of operation for the Company, Magnum Hunter now has one of the most cost effective ownership positions in the Appalachian Basin, especially in the emerging Marcellus Shale play that continues to expand in our region. We are planning on drilling a minimum of two Marcellus horizontal wells on our acquired acreage before mid-year. The opportunity for booking proven reserves is substantial since no proven undeveloped reserves have previously been accounted for in the Marcellus Shale." finance.yahoo.com

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