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	7/16/2012 8:38:17 AM
	of 188

Magnum Hunter Resources Announces Mid-Year Total Proved Oil & Gas Reserves finance.yahoo.com Total Proved Reserves of 67.7 Million Barrels of Oil Equivalent Proved Reserves Up 51% From Year-End 2011 Present Value (PV 10) Up 55% From Year-End 2011 Magnum Hunter Management Comments Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter, commented, "We are pleased to report another substantial increase in our proved reserves over just a six month time period. Management is marching forward in achieving our near term goal of 100 million barrels of total proven reserves for the benefit of our shareholders. The Williston Basin Division, due to recent acquisition efforts and continued drilling success, now represents 40% of our total proved reserves and crude oil has increased to 64% of our total proved reserve commodity mix. We believe the greater diversity of product type in our total proved reserves is especially prudent in today's volatile commodity markets. The resource potential of our leasehold mineral acreage position is now almost ten times our proven reserves. As we continue to develop the Company's four shale plays, the ability to book this significant potential upside resource as new proven reserves will accelerate."

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