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	2/29/2012 8:07:44 AM
	of 188

Magnum Hunter Reports Financial Results for the Fourth Quarter of 2011 and Fiscal Year End 2011 finance.yahoo.com Record EBITDAX and Cash Flow Reported; 2011 Production Increased 324% From 2010; 2011 Revenues Increased 295% From 2010; 4th Quarter Avg. Daily Production Increased 73% from 3rd Quarter; Year-End 2012 Production Exit Rate Guidance Increased to 16,000 BOEPD Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter Resources, commented, "Calendar year 2011 was a transitional period for Magnum Hunter. During the first half of the year, we successfully closed on a number of acquisitions that provided the foundation from which we are growing our daily production and proved reserves today. During the second half of the year, we completed the integration of approximately $590 million in transactions and began our 'harvesting' mode of exploiting the tremendous leasehold acreage positions covering these unconventional resource plays. Our year-end production success which is continuing into the first quarter of 2012, has given us the confidence to increase our projected exit rate on daily production a third time to 16,000 Boe per day by year-end. At the same time, we continue reducing our cost structure both in the field and at our corporate offices which will enable us to report much wider margins of cash flow available for reinvestment. Because we are in control of approximately 75% of our core properties as an operator, we have the flexibility to move our capital program around and reallocate among our two oil plays (Bakken and Eagle Ford) while the energy industry deals with an unprecedented glut of natural gas. This will ensure that our returns on capital deployed in 2012 remain at superior levels. Our management team continues to make operating improvements in the field which is resulting in production levels that exceed our prior expectations."

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