Magnum Hunter Resources, Inc.
600 E. Las Colinas Blvd., Suite 1100, Irving, TX 75039
Phone (972) 401-0752 Fax (972) 401-3110
Internet Address: http://www.magnumhunter.com
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                                                         FOR IMMEDIATE RELEASE

American Stock Exchange
  Common   -   MHR
  Bonds    -   MHR.B
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                         MAGNUM HUNTER AND PRIZE ENERGY
                  COMPLETE MERGER CREATING $1.2 BILLION COMPANY

     Irving,  Texas March 15,  2002,  Magnum  Hunter  Resources,  Inc.  ("Magnum
Hunter") and Prize Energy Corp.  ("Prize") announced today the completion of the
merger of the two companies,  which has created a mid-cap U.S. based independent
oil and gas company with an enterprise value of approximately $1.2 billion.  The
Company will continue to be named Magnum Hunter Resources,  Inc. and will remain
headquartered in Irving (Las Colinas), Texas.

     Magnum Hunter will distribute 2.5 shares of Magnum Hunter common stock plus
$5.20 in cash for each Prize Energy share outstanding.  Prize will cease trading
as of the close of  business  today as a public  company on the  American  Stock
Exchange.

     Mr. Gary C.  Evans,  Chairman,  President  and Chief  Executive  Officer of
Magnum Hunter stated, "We are extremely pleased to have completed the merger and
integration  of the Prize assets into Magnum  Hunter on such an  amazingly  fast
track and with no problems of any significance.  The initial announcement of the
agreement  for the  merger  was  issued  on  December  18,  2001.  The  Form S-4
Registration  Statement was filed with the Securities and Exchange Commission on
January 15, 2002.  Then on February 8, 2002,  we mailed proxy  statements to the
respective shareholders of Magnum Hunter and Prize. The proxy statements advised
the shareholders about special  shareholder  meetings held on March 13, 2002, at
which time  shareholders of both companies  overwhelmingly  approved the merger.
The final merger of Magnum  Hunter and Prize has been  completed  today.  During
this  process,  we  arranged  and closed a new $300  million  Senior Bank Credit
Facility.  We were also  successful  at selling $300 million of Senior Notes due
2012  pursuant  to a 144A  offering.  Additionally,  during the  merger  period,
several  key  institutional   shareholders  materially  increased  their  equity
ownership  positions in the Company.  While all of these  financial  events were
occurring,  our  operations  in the  field  continued  to run  smoothly,  and we
maintained  an active  drilling  program both onshore and  offshore.  While I am
proud of the outstanding  teamwork and the contributions made by the significant
multitude of lawyers,  accountants,  commercial bankers,  and investment bankers
who worked  tirelessly to complete this  transaction  on time and in a most cost
efficient manner, I am especially proud of the support and dedication  exhibited
by our management team here at Magnum Hunter. The Magnum Hunter shareholders are
the ultimate  beneficiaries  of all the hard work that went into completing this
transaction".

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     Magnum  Hunter  Resources,  Inc.  is one of the  nation's  fastest  growing
independent  exploration  and development  companies  engaged in three principal
activities:  I  the  exploration,  development  and  production  of  crude  oil,
condensate  and natural  gas; I the  gathering,  transmission  and  marketing of
natural gas; and -D the managing and  operating of producing oil and natural gas
properties for interest owners.

     The information in this release includes certain forward-looking statements
that are  based on  assumptions  that in the  future  may prove not to have been
accurate.  Those statements,  and Magnum Hunter  Resources,  Inc.'s business and
prospects, are subject to a number of risks, including volatility of oil and gas
prices,  the need to develop  and  replace  reserves,  the  substantial  capital
expenditures required to fund its operations,  environmental risks, drilling and
operating  risks,  risks  related  to  exploration  and  development   drilling,
uncertainties about estimates of reserves,  competition,  government regulation,
and the ability of the company to  implement  its business  strategy.  These and
other risks are described in the company's  reports that are available  from the
SEC.

             FOR FURTHER INFORMATION CONTACT: MICHAEL P. MCINERNEY,
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                        INVESTOR RELATIONS (972) 401-0752