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
                  ---------------------------



                                                           FOR IMMEDIATE RELEASE
                                                                   NEWS
New York Stock Exchange
* Common - MHR
American Stock Exchange
* Bonds - MHR.B
* Warrants - MHR/WS/A
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                              MAGNUM HUNTER REPORTS
                               FIRST QUARTER 2003
                          FINANCIAL & OPERATING RESULTS

     Irving,  Texas, April 28, 2003, Magnum Hunter Resources,  Inc.  (NYSE:MHR),
announced  today  financial  results for the 2003 first  quarter ended March 31:
Three Months Ended 03/31/03 03/31/02

   Daily Mcfe Production Average                         189,586       145,428
   Average Mcfe Price Received (Net of Hedges)             $4.08         $2.99
   Daily Natural Gas Production Average (Mcf/d)          125,803       100,757
   Average Gas Price Received (Net of Hedges)              $3.83         $2.76
   Daily Crude Oil Production Average (Bbl/d)             10,630         7,445
   Average Crude Oil Price Received (Net of Hedges)       $27.39        $21.04
   Total Operating Revenues (000's)                      $80,054       $43,124
   Net Income (000's)                                     $7,990        $7,446
   Net Income Per Share (Diluted)                          $0.12         $0.17

First Quarter 2003 Financial Results

     Net income was $8.0 million  ($0.12 per diluted share) for the three months
ended  March 31,  2003 as  compared  to net  income of $7.4  million  ($0.17 per
diluted  share)  for the three  months  ended  March 31,  2002.  Non-cash  costs
associated with the early  redemption of $30 million in senior notes reduced net
income by $1.9 million  (pre-tax)  during the first quarter of 2003 or $0.03 per
share (pre-tax).

     Total  revenues  for the first  quarter  of 2003  were  $80.1  million,  an
increase of 86% over revenues of $43.1 million reported during the first quarter
of 2002.  Magnum Hunter reported an operating profit of $25.9 million during the
first  quarter of 2003.  This  represented  an increase of $16.6 million or 179%
over the similar period in 2002. Cash flow from operating activities,  including
changes to working  capital,  increased by $61.8 million to $37.8 million from a
negative $24.0 million reported during the first quarter of 2002.

     Production  volumes  totaled 17.1 billion cubic feet  equivalent  (Bcfe) or
189.6  MMcfe per day for the first  quarter  of 2003,  an  increase  of 30% over
actual production  volumes reported for the similar quarter in 2002. Natural gas
production was 66% of total equivalent  production volumes for the first quarter
of 2003.  Natural  gas  production  volumes  during  the first  quarter  of 2003
increased 25% over volumes reported during the similar period of 2002. A decline
in actual  production  of 2% when  compared  to the  fourth  quarter of 2002 was
attributable to previously  announced  non-core property sales and a higher than
originally  anticipated level of recompletion  activity in the company's Gulf of
Mexico  region.  Production  temporarily  shut-in  due to these  operations  has
recently been

<PAGE>

              restored and current daily production for the company is averaging
around 200 MMcfe per day. If volumes lost to shut-ins for these  activities were
added back to reported  first quarter 2003 volumes,  production  for the quarter
would  have  averaged  approximately  198 Mcfe per  day,  up 2% from the  fourth
quarter 2002 reported production.

     Natural gas prices realized by the Company were $3.83 per Mcf for the first
quarter of 2003, compared to $2.76 per Mcf realized during the fourth quarter of
2002,  after the effect of commodity  price hedges in place during both periods.
Oil prices  realized  were  $27.39  per  barrel  for the first  quarter of 2003,
compared  to the $21.04 per barrel  realized  during the first  quarter of 2002,
after the effect of commodity price hedges in place during both periods.

First Quarter 2003 Operating Results

     Magnum Hunter participated in drilling 29 wells during the first quarter of
2003,  with 26 successes and three dry holes,  which  provided for a 90% success
rate. Seven of the 29 wells were deemed exploratory and the Company had four new
field  discoveries  during the quarter that provided for an exploration  success
rate of 57%.  Production  rates for the  quarter  were  negatively  affected  by
recompletion  activities  during the entire quarter on Main Pass 178, which is a
100% owned OCS block.  Production has recently been  re-established on Main Pass
178 at a rate of approximately 8 MMcf per day.

     Highlights for the first quarter in the Gulf of Mexico include  discoveries
at South Marsh Island 24, Main Pass 263,  West Cameron 428, and  Vermilion  100.
The South  Marsh  Island  24 well  tested at a rate of 20 MMcf and 900 Bopd from
perforations  below 16,000'.  Magnum Hunter owns a 30% working  interest in this
well and production is anticipated to begin sometime this summer.

     Our Main Pass 263 well will be a sub-sea  completion  and should also be on
production  by mid-year.  Magnum Hunter  generated  this prospect and owns a 50%
working  interest.  We will be named operator of this well during the production
phase and anticipate a producing rate of approximately 10 MMcfe per day.

     West Cameron 428 and Vermilion 100 are the Company's latest  discoveries in
a series of  relatively  shallow  prospects  that Magnum Hunter and its partners
have been drilling for the past year.  Production volumes from wells in the area
have  ranged  from 8 MMcf per day to 18 MMcf per day and have been  very  stable
with minimal production  declines.  We anticipate similar results from these new
discoveries. Magnum Hunter owns a 30% working interest in West Cameron 428 and a
40% working interest in Vermilion 100.

     Onshore   highlights   center   around  the   Company's  two  drilling  rig
Morrow/Atoka/Strawn  program that  continues in  Southeast  New Mexico.  Results
continue to be excellent and we have  budgeted an additional 10 well  commitment
to the original 20 well program.  Further  additions are anticipated  based upon
excellent results to-date and due to various trades and farmouts the Company has
made to increase our future drilling locations.

     We have drilled a second well into the Strawn Reef in the Shugart  Field of
Southeast New Mexico.  The first well, which was an uphole  recompletion  from a
well previously producing from the Morrow, continues to produce over 6 Mmcfe per
day after three months of production.  The second well encountered approximately
400' of Strawn  Reef,  and is currently  being  completed.  Production  from the
second well should begin early in May. Magnum Hunter's  working  interest is 50%
in both wells.

     A 100% owned new Morrow  producer in the Shite City Field of Southeast  New
Mexico began  producing  last week at a rate of over 4 MMcf per day. Also in the
first quarter we completed a ten-well  increased  density  program in the Panoma
Field in our Mid-continent  region and were successful with two recompletions in
the Cumberland Field in southern  Oklahoma  producing a combined 2 million cubic
feet per day and 75 barrels of oil per day.

     Sale of the Company's  South  Louisiana  properties is nearing  completion,
with a Purchase and Sales Agreement recently executed, a non-refundable  deposit
paid, and closing scheduled prior to the end of May.

<PAGE>

Commodity Hedges

     The Company  continues to utilize  commodity hedges as a means to provide a
base level of cash flow.  During the first  quarter  of 2003,  the  Company  had
approximately  60 MMcf per day hedged  through fixed price swaps with a weighted
average  price of $3.01  per  MMbtu  and  approximately  40 MMcf per day  hedged
through cost-less collars with a weighted average floor price of $3.06 per MMbtu
and a weighted  average ceiling price of $4.30 per MMbtu.  Approximately  79% of
the first quarter 2003 natural gas production was hedged. On the crude oil side,
the  Company had  approximately  1,000 Bbls per day hedged  through  fixed price
swaps with a weighted average price of $21.25 per barrel and approximately 6,000
Bbls per day hedged  through  cost-less  collars with a weighted  average  floor
price of $23.00 per barrel and a weighted  average  ceiling  price of $27.00 per
barrel.  Approximately  56%  of the  Company's  first  quarter  2003  crude  oil
production was hedged.

Management Comments

     Commenting on Magnum  Hunter's  operating  results for the first quarter of
2003, Mr. Gary C. Evans, Chairman,  President and Chief Executive Officer of the
Company  stated,  " In an effort to take  advantage of low service  costs in the
field,  our management team  accelerated our drilling  efforts in all core areas
during the first quarter of 2003. We have already begun to see a positive impact
to our  production  levels with current  production  exceeding 200 MMcfe per day
compared to an average daily  production level of 190 MMcfe  experienced  during
the first quarter.  We are also proceeding ahead on our game plan to improve the
balance sheet further by contracting to sell our Southern  Louisiana  properties
acquired  in the Prize  Energy  merger last year and  seeking  bank  approval to
redeem  another  $50  million of our 10% high yield debt  without  impeding  our
financial liquidity.  We continue to be encouraged by strong commodity prices as
evidenced by the cash market and futures market for both oil and natural gas."

Conference Call

     A conference call will be hosted by the Senior  Management of Magnum Hunter
Resources, Inc. on Monday, April 28, 2003 at 9:00 a.m. central time. The subject
of the conference call will be to discuss the financial and operating results of
Magnum Hunter for the first quarter of 2003. If you wish to  participate  in the
call,  please  dial in toll free (800)  706-3079  at 8:50 a.m.  central  time on
Monday,  April 28, 2003.  Should you wish to participate,  there will be a Q & A
session following the teleconference.  International callers,  please dial (706)
643-1963.

     A Web  Broadcast  will also be available for listeners on the Magnum Hunter
Web Site. Instructions are:

             Go to  www.magnumhunter.com
             Go to Investor Relations
             Go to Webcasts/Conference Calls

                                        #

     Magnum  Hunter  Resources,  Inc.  is one of the  nation's  fastest  growing
independent  exploration  and development  companies  engaged in three principal
activities:  (1) the  exploration,  development  and  production  of crude  oil,
condensate  and natural gas; (2) the  gathering,  transmission  and marketing of
natural gas; and (3) 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: M. BRADLEY DAVIS
             SENIOR VICE PRESIDENT - CAPITAL MARKETS (972) 401-0752

<PAGE>

                 Magnum Hunter Resources, Inc. and Subsidiaries
                    (in thousands, except per share amounts)

<TABLE>
<CAPTION>
<S>                                                                         <C>                             <C>
                                                                                             Three Months Ended
                                                                                                 March 31,
                                                                           --------------------------------------------------------
                                                                                     2003                        2002
                                                                           --------------------------------------------------------
                                                                                  (Unaudited)                  (Unaudited)
Consolidated Statements of Income
Operating Revenues:
     Oil and gas sales.....................................................         $   69,590                      $   39,150
     Gas gathering, marketing and processing...............................              9,385                           3,582
     Oil field management services.........................................              1,079                             392
                                                                           --------------------              ------------------
          Total Operating Revenues.........................................             80,054                          43,124
                                                                           --------------------              ------------------
Operating Costs and Expenses:
     Oil and gas production lifting costs..................................             12,948                           8,948
     Production taxes and other costs......................................              9,177                           4,303
     Gas gathering, marketing and processing...............................              6,546                           2,680
     Oil field management services.........................................                857                             276
     Depreciation, depletion and amortization..............................             21,524                          15,096
     Gain on sale of assets................................................                (94)                              -
     General and administrative............................................              3,182                           2,524
                                                                           --------------------              ------------------
          Total Operating Costs and Expenses...............................             54,140                          33,827
                                                                           --------------------              ------------------
Operating Profit ..........................................................             25,914                           9,297
     Equity in earnings of affiliate.......................................                288                             301
     Other income..........................................................                118                              57
     Other non-cash hedging adjustments....................................                369                            (593)
     Costs associated with early retirement of debt........................             (1,855)                         (1,000)
     Interest expense......................................................            (12,578)                         (7,505)
                                                                           --------------------              ------------------
Income before income tax ..................................................             12,256                             557
     Deferred income tax (expense)/benefit.................................             (4,665)                          6,889
                                                                           --------------------              ------------------
Income before cumulative effect of a change in accounting principle........              7,591                           7,446
     Cumulative effect on prior years of a change in accounting principle,
          net of income tax expense of $244................................                399                               -
                                                                           --------------------              ------------------
Net Income.................................................................         $    7,990                      $    7,446
                                                                           ====================              ==================
Income per Common Share-Basic
     Income before cumulative effect of a change in accounting principle...         $     0.11                      $     0.18
     Cumulative effect of a change in accounting principle.................               0.01                               -
                                                                           --------------------              ------------------
Income per Common Share-Basic..............................................         $     0.12                      $     0.18
                                                                           ====================              ==================
Income per Common Share-Diluted
     Income before cumulative effect of a change in accounting principle...         $     0.11                      $     0.17
     Cumulative effect of a change in accounting principle.................               0.01                               -
                                                                           --------------------              ------------------
Income per Common Share-Diluted............................................         $     0.12                      $     0.17
                                                                           ====================              ==================
Common Shares Used in Per Share Calculation
     Basic.................................................................         66,709,502                      41,777,431
                                                                           ====================              ==================
     Diluted...............................................................         67,338,391                      43,024,235
                                                                           ====================              ==================
Consolidated Statement of Cash Flows
     Cash Flow provided by (used for) operating activities.................         $   37,769                      $  (23,982)
                                                                           ====================              ==================
</TABLE>


                                                 March 31,      December 31,
                                                    2003            2002
                                              --------------  -----------------
Consolidated Balance Sheet Data                (Unaudited)
  Total Assets................................ $ 1,218,322      $ 1,169,779
  Long-term Debt, less current maturities..... $   577,735      $   569,086
  Total Stockholders' Equity.................. $   345,693      $   350,196