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|   | Re:  | Evaluation Summary – SEC Price CaseMagnum Hunter Resources Corp. Interests Total Proved Reserves Certain Oil and Gas Properties in Texas As of December 31, 2009                                                           |
|--------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                      |   | Proved    |    |   | Proved      |   |    | Proved    |   |   |        |   |   |   |    |
|---------------------------|--------|-----------|---------|--------|-------------|--------|---------|-----------|--------|--------|-------------|--------|--------|--------|---------|
|                      |   | Developed |    |   | Developed   |   |    | Developed |   |   | Proved      |   |   | Total  |    |
|                      |   | Producing |    |   | Behind-Pipe |   |    | Shut-In   |   |   | Undeveloped |   |   | Proved |    |
|                      |   |      |    |   |        |   |    |      |   |   |        |   |   |   |    |
| Net Reserves              |   |      |    |   |        |   |    |      |   |   |        |   |   |   |    |
| Oil - Mbbl                |   |      | 6.9     |   |        |   | 4.3     |      |   |   | 0.3         |   |   |   | 15.3    |   |   |   | 26.7 |   |
| Gas - MMcf                |   |      | 906.1   |   |        |   | 961.2   |      |   |   | 52.6        |   |   |   | 1,460.1 |   |   |   | 3,380.0 |   |
|                      |   |      |    |   |        |   |    |      |   |   |        |   |   |   |    |   |   |   |   |   |
| Revenue                   |   |      |    |   |        |   |    |      |   |   |        |   |   |   |    |   |   |   |   |   |
| Oil - M$                  |   |      | 410.4   |   |        |   | 251.9   |      |   |   | 16.0        |   |   |   | 910.7   |   |   |   | 1,588.9 |   |
| Gas - M$                  |   |      | 3,325.4 |   |        |   | 3,527.6 |      |   |   | 192.9       |   |   |   | 5,358.6 |   |   |   | 12,404.5 |   |
|                      |   |      |    |   |        |   |    |      |   |   |        |   |   |   |    |   |   |   |   |   |
| Severance Taxes - M$      |   |      | 268.3   |   |        |   | 276.2   |      |   |   | 15.2        |   |   |   | 443.8   |   |   |   | 1,003.4 |   |
| Ad Valorem Taxes - M$     |   |      | 93.4    |   |        |   | 94.5    |      |   |   | 5.2         |   |   |   | 156.7   |   |   |   | 349.8 |   |
| Operating Expenses - M$   |   |      | 930.1   |   |        |   | 1,073.7 |      |   |   | 93.1        |   |   |   | 990.9   |   |   |   | 3,087.8 |   |
| Other Deductions - M$     |   |      | 0.0     |   |        |   | 0.0     |      |   |   | 0.0         |   |   |   | 0.0     |   |   |   | 0.0 |   |
| Investments - M$          |   |      | 16.3    |   |        |   | 300.4   |      |   |   | 0.0         |   |   |   | 2,615.0 |   |   |   | 2,931.7 |   |
|                      |   |      |    |   |        |   |    |      |   |   |        |   |   |   |    |   |   |   |   |   |
| Net Operating Income - M$ |   |      | 2,427.8 |   |        |   | 2,034.7 |      |   |   | 95.3        |   |   |   | 2,062.9 |   |   |   | 6,620.7 |   |
|                      |   |      |    |   |        |   |    |      |   |   |        |   |   |   |    |   |   |   |   |   |
| Discounted @ 10% - M$     |   |      | 1,732.5 |   |        |   | 800.5   |      |   |   | 39.7        |   |   |   | 995.4   |   |   |   | 3,568.0 |   |

----

|                          |   | SEC Pricing  |    |   | Sensitivity Case #1   |   |    | Sensitivity Case #2    |   |
|-------------------------------|--------|--------------|---------|--------|-----------------------|--------|---------|------------------------|--------|
|                          |   | Average 2009 |    |   | Flat 12-31-09 Pricing |   |    | Strip 12-31-09 Pricing |   |
|                          |   | WTI Cushing  |    |   | Henry Hub             |   |    | WTI Cushing            |   |   | Henry Hub |   |   | NYMEX |   |   | NYMEX |   |
|                          |   | Cash         |    |   | Spot                  |   |    | Cash                   |   |   | Spot |   |   | Futures |   |   | Futures |   |
|     Year  |   | $/STB        |    |   | $/MMBTU               |   |    | $/STB                  |   |   | $/MMBTU |   |   | $/STB |   |   | $/MMBTU |   |
|     2010  |   |         | 61.18   |   |                  |   | 3.866   |                   |   |   | 79.36 |   |   |   | 5.805 |   |   |   | 81.94 |   |   |   | 5.790 |   |
|     2011  |   |         | “ |   |                  |   | “ |                   |   |   | “ |   |   |   | “ |   |   |   | 85.81 |   |   |   | 6.336 |   |
|     2012  |   |         | “ |   |                  |   | “ |                   |   |   | “ |   |   |   | “ |   |   |   | 87.83 |   |   |   | 6.527 |   |
|     2013  |   |         | “ |   |                  |   | “ |                   |   |   | “ |   |   |   | “ |   |   |   | 89.31 |   |   |   | 6.669 |   |
|     2014+ |   |         | “ |   |                  |   | “ |                   |   |   | “ |   |   |   | “ |   |   |   | 91.09 |   |   |   | 6.843 |   |

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|   | Yours very truly,CAWLEY, GILLESPIE & ASSOCIATES, INC.Texas Registered Engineering Firm F-693 |
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