Magnum Hunter (NYSE Amex: MHR) Closes Acquisition of Sharon Resources

Magnum Hunter Resources Corporation (NYSE Amex: MHR) recently announced that the Company has closed on the previously announced agreement to acquire 100% of the capital stock of Sharon Resources, Inc., a wholly owned subsidiary of Calgary based Sharon Energy Ltd. (TSX-V: SHY). Magnum Hunter previously announced the execution of a definitive agreement for the acquisition on September 10, 2009. Total consideration paid by Magnum Hunter for Sharon Resources, Inc. was $2.35 Million (USD) and was 100% paid through the issuance of 2,294,474 new restricted common shares of the Company.

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Post the acquisition, the number of the Company's fully-diluted common shares outstanding is approximately 43.1 Million. No debt or other liabilities were assumed by Magnum Hunter and no other consideration beyond the issuance of the new Magnum Hunter restricted common shares described above were tendered to complete this acquisition. Magnum Hunter Resources Corporation and subsidiaries are a Houston, Texas based independent exploration and production company engaged in the acquisition of exploratory leases and producing properties, secondary enhanced oil recovery projects, exploratory drilling, and production of oil and natural gas in the United States. For more information, please view the Company website at magnumhunterresources.com Magnum Hunter Resources, Corp. is an independent oil and gas company engaged in the acquisition, drilling and production of oil and natural gas properties and prospects within the United States. Our business strategy is designed to create maximum shareholder value by leveraging the knowledge, expertise and experience of our management team. Since the inception of the Company in 2005, we have been successful in creating and expanding a balanced portfolio consisting of producing properties and prospects that are geologically and geographically diverse, including producing properties, secondary enhanced oil recovery projects, and exploration prospects. During 2009 the Company has begun to operate several of our projects and intend to operate a large majority of our projects in the future. We target low to medium risk projects that have the potential for multiple producing horizons, and offer repeatable success allowing for meaningful production and reserve growth. Our acquisition and exploration pursuits are focused on domestic onshore oil and natural gas properties principally located in Texas, Louisiana, North Dakota and New Mexico.

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