EXHIBIT 99.1

                                 MAGNUM HUNTER

                         ADOPTS SHAREHOLDER RIGHTS PLAN


Irving, Texas, January 9, 1998, Magnum Hunter Resources,  Inc. ("Magnum Hunter")
announced today that its Board of Directors  adopted a Shareholder  Rights Plan,
pursuant  to which  Rights  will be  distributed  as a  dividend  to its  common
stockholders  at a rate of one Right  for each  share of  common  stock  held of
record as of January 20, 1998.

The Rights  Plan is  designed  to  enhance  the Board of  Directors'  ability to
prevent an acquiror from depriving  stockholders of the long-term value of their
investment and to protect  shareholders  against attempts to acquire the Company
by means of unfair or abusive  takeover tactics that have been prevalent in many
unsolicited takeover attempts.

Under the Rights Plan, the Rights will initially represent the right to purchase
one  one-hundreth  of a share of 1998  Series A Junior  Participating  Preferred
Stock for  $35.00  per one  one-hundreth  of a share.  The  Rights  will  become
exercisable only if a person or a group acquires or commences a tender offer for
15% or more of the Company's common stock.  Until they become  exercisable,  the
Rights  attach to and trade with the  Company's  common  stock.  The Rights will
expire January 20, 2008.

The Rights may be redeemed by the continuing members of  the  Company's Board of
Directors  at $.01 per Right  prior to the tenth day after a person or group has
accumulated 15% or more of the Company's  common stock.  The Rights will not  be
taxable to the Company's shareholders.

In the event that a person or group acquires 15% or more of the Company's common
stock,  the Rights would then be modified to represent  the right to receive for
the exercise  price,  Magnum  Hunter common stock having a value worth twice the
exercise price.


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In the  event  that  the  Company  is  involved  in a merger  or other  business
combination  at any time  after a person  or group has  acquired  15% or more of
Magnum  Hunter's  common  stock,  the Rights will be modified so as to entitle a
holder to buy a number of shares of common stock of the acquiring  entity having
a market value of twice the exercise price of each Right.

In announcing the Rights Plan,  Magnum  Hunter's  President and Chief  Executive
Officer, Gary C. Evans said, "The primary purpose of this plan is to protect the
value of our existing  shareholders'  investment in Magnum Hunter.  It is not in
response  to any known  effort to acquire  control of Magnum  Hunter,  nor is it
intended to prevent an  acquisition  of the company that is in the best interest
of its  shareholders.  The plan will  encourage a potential  buyer to  negotiate
directly with our Board of Directors prior to attempting a takeover, and it will
help the Board fulfill its fiduciary responsibility to shareholders in the event
of an attempt to acquire control of Magnum Hunter."

Additional  details of the Shareholder  Rights Plan will be outlined in a letter
that is being mailed to the Company's stockholders in the immediate future.


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     Magnum Hunter  Resources,  Inc. is an exploration and  development  company
engaged in four principal  activities:  the acquisition,  production and sale of
crude oil, condensate and natural gas; the gathering, transmission and marketing
of natural  gas; the  managing  and  operating of producing  oil and natural gas
properties  for  interest  owners;  and  providing  consulting  and U.S.  export
services to facilitate Latin American trade in energy products.