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	1/17/2012 8:27:49 AM
	of 188

Magnum Hunter Announces Year-End 2011 Total Proved Oil & Gas Reserves 44.9 Million Barrels of Oil Equivalent finance.yahoo.com Proved Reserves Up 235% From Year-End 2010; Present Value (PV 10) Up 254% From Year-End 2010; Company Wide Resource Potential Exceeds 537.9 Million Barrels of Oil Equivalent Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter, commented, "The ability to book new proved reserves in our three unconventional resource plays continues to grow exponentially due to the success we have been experiencing with our new well drilling efforts. It is quite remarkable to have reserve growth of 8 Million BOE in just three months of activity (up from 37 Million BOE at September 30, 2011) all from the drill bit alone and within our capital budget parameters. This reserve growth sets us up for another borrowing base increase with our Senior Bank Group which is currently in process, and is indicative of why we were successful in achieving five separate borrowing base increases last year. Once approved, this will further increase our Company's overall liquidity. Based upon performance seen just in the first couple of weeks of 2012, we anticipate a continuation of exceptional growth in production and proved reserves which should result in the additional booking of new proved undeveloped drilling locations."

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