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
New York Stock Exchange
  Common        -    MHR
American Stock Exchange
  Bonds         -    MHR.B
  Warrants      -    MHR/WS/A

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

                              MAGNUM HUNTER REPORTS
                       FOURTH QUARTER AND FISCAL YEAR 2002
                                FINANCIAL RESULTS

     Irving,  Texas, March 25, 2003, Magnum Hunter Resources,  Inc.  (NYSE:MHR),
announced today  financial  results for the fourth quarter and fiscal year ended
December 31, 2002:

<TABLE>
<CAPTION>
<S>                                                    <C>            <C>               <C>             <C>
                                                            Three Months Ended             Twelve Months Ended
                                                        12/31/02       12/31/01          12/31/02        12/31/01
                                                        --------       --------          --------        --------

Daily Mcfe  Production Average                           194,107         98,918           194,338          91,292
Average Mcfe Price Received (Net of Hedges)                $3.63          $2.90             $3.40           $3.99
Daily Natural Gas Production Average (Mcf/d)             130,655         73,424           130,639          68,112
Average Gas Price Received (Net of Hedges)                 $3.42          $2.68             $3.10           $3.96
Daily Crude Oil Production Average (Bopd)                 10,575          4,249            10,616           3,863
Average Crude Price Received (Net of Hedges)              $24.46         $21.27            $24.04          $24.53
Total Operating Revenues (000's)                         $73,722        $29,030          $265,869        $152,806
Net Income (000's)                                        $3,079        ($8,758)          $15,522         $13,516
Net Income Per Share (Diluted)                             $0.04         ($0.24)            $0.25           $0.36
Long-Term Debt to Total Capitalization Ratio                 62%            71%               62%             71%
</TABLE>


Fourth Quarter 2002 Financial Results

     Net income was $3.1 million  ($0.04 per diluted share) for the three months
ended  December  31,  2002 as compared  to net loss of $8.8  million  ($0.24 per
diluted share) for the three months ended December 31, 2001.  Non-cash commodity
hedging  adjustments  totaling $1.2 million  (pre-tax)  reduced  reported fourth
quarter 2002 net income accordingly.

     Total  revenues  for the  fourth  quarter of 2002 were  $73.7  million,  an
increase of 154% from revenues of $29.0 million  reported for the fourth quarter
of 2001.  Magnum Hunter reported an operating profit of $19.7 million during the
fourth quarter of 2002.  This  represented an increase of $20.4 million over the
operating loss of $644 thousand reported in the 2001 period.

     Production  volumes  totaled 17.9 billion cubic feet  equivalent  (Bcfe) or
194.1  MMcfe per day for the fourth  quarter of 2002,  an  increase  of 96% over
actual  volumes  reported  for the  similar  quarter in 2001 of 9.1 Bcfe or 98.9
MMcfe per day.  Natural gas  production was 67% of total  equivalent  production
volumes for the fourth quarter of 2002.  Natural gas  production  volumes during
the fourth  quarter  of 2002  increased  78% over  volumes  reported  during the
similar  period  of  2001.  A  decline  in  actual   equivalent   production  of
approximately  10% when  compared  to the third  quarter  of 2002 was  primarily
attributable  to  previously  announced  non-core  property  sales  and  certain
producing property shut-ins in the Gulf of Mexico attributable to Tropical Storm
Isadore.

<PAGE>

     Natural  gas  prices  realized  by the  Company  were $3.42 per Mcf for the
fourth  quarter of 2002,  compared to $2.68 per Mcf  realized  during the fourth
quarter of 2001, after the effect of commodity price hedges in place during both
periods.  Oil prices  realized were $24.46 per barrel for the fourth  quarter of
2002, compared to the $21.27 per Bbl realized during the fourth quarter of 2001,
after the effect of commodity price hedges in place during both periods.

Fiscal Year 2002 Financial Results

     For the fiscal year 2002,  net income was $15.5 million  ($0.25 per diluted
share) as compared to net income of $13.5 million  ($0.36 per diluted share) for
the fiscal  year 2001.  Results  for 2002  reflect an income tax benefit of $7.1
million  from  the  reversal  of  a  deferred  tax  asset   valuation   reserve.
Additionally,  due to the  early  extinguishment  of  the  Company's  pre-merger
commercial  bank  credit   facility,   the  Company   recorded  a  $1.0  million
extraordinary  loss ($621  thousand net of income  taxes) during the fiscal year
2002 period.

     Total revenues  during 2002 were $265.9 million  compared to $152.8 million
during the 2001 period,  a 74%  increase.  Magnum  Hunter  reported an operating
profit of $68.9  million  during  2002.  This  represented  an increase of $20.8
million or 43% over the 2001 period.

     Oil and  natural  gas  production  increased  113% to 70.9 Bcfe  during the
fiscal year 2002  compared  to 33.3 Bcfe for the fiscal  year 2001.  Natural gas
production  was  47.7  Bcf  during  2002  compared  to 24.9  Bcf for  2001.  Oil
production for 2002 was 3.9 million  barrels  compared with 1.4 million  barrels
for 2001.

Commodity Hedges

     The Company  continues to utilize  commodity hedges as a means to provide a
base level of cash flow.  During the fourth  quarter of 2002,  the  Company  had
approximately 60.0 MMcf per day hedged through fixed price swaps with a weighted
average  price of $2.87  per  MMbtu and  approximately  8.0 MMcf per day  hedged
through cost-less collars with a weighted average floor price of $4.07 per MMbtu
and a weighted  average ceiling price of $5.52 per MMbtu.  Approximately  52% of
the fourth quarter 2002 natural gas  production  was hedged.  On the crude side,
the  Company had  approximately  5,000 Bbls per day hedged  through  fixed price
swaps with a weighted average price of $25.27 per barrel and approximately 4,500
Bbls per day hedged  through  cost-less  collars with a weighted  average  floor
price of $21.27 per barrel and a weighted  average  ceiling  price of $26.79 per
barrel.  Approximately  90% of the  Company's  fourth  quarter  2002  crude  oil
production was hedged.

Management Comments

     Commenting on Magnum Hunter's  operating  results for fiscal year 2002, Mr.
Gary C. Evans,  Chairman,  President and Chief Executive  Officer of the Company
stated,  "The past year has been a whirlwind of activity  for Magnum  Hunter and
our employees.  Starting with the Prize Energy acquisition  completed last March
that more than doubled the size of the Company,  we really  haven't slowed down.
We  accomplished  a new listing on the New York Stock  Exchange,  sold over $100
million in non-core  assets to pay down debt,  put  together a new $500  million
senior bank credit  facility,  placed $300 million in senior  unsecured  10-year
notes,  formed a new  partnership  with General  Electric  Capital  Corporation,
initiated a significant  share  repurchase  program,  added new equity  research
coverage and significantly expanded our institutional  shareholder base; all the
while we were  conducting  an active  drilling  program  that  proved to be very
successful.  Magnum Hunter achieved an overall  finding and development  cost of
$0.93 per Mcfe in 2002 and replaced 890% of our 2002  production.  Thanks to the
hard work of everyone at Magnum Hunter,  our efforts paid off handsomely.  As we
enter 2003, your Company has the most attractive  asset  portfolio,  the largest
drilling  inventory  both  onshore and  offshore,  and the  strongest  financial
position  we've  ever had in our  history.  We are primed  for  internal  growth
through  a  combination  of  exploration  and  exploitation  projects  that  are
currently  ongoing and we believe the industry  outlook today is the best it has
been in decades."

<PAGE>

Conference Call

     A conference call will be hosted by the Senior  Management of Magnum Hunter
Resources, Inc. today, March 25, 2003 at 10:00 a.m. central time. The subject of
the  conference  call will be to discuss the financial and operating  results of
Magnum  Hunter  for the fourth  quarter  and  fiscal  year 2002.  If you wish to
participate  in the call,  please dial in toll free (800)  706-3079 at 9:50 a.m.
central time on Tuesday,  March 25, 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:  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: M. BRADLEY DAVIS
                SR. 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>            <C>           <C>

                                                                        Three Months Ended          Twelve Months Ended
                                                                           December 31,                December 31,
                                                                  -----------------------------  ---------------------------
                                                                      2002            2001          2002           2001
                                                                  ------------     -----------   -------------  ------------
Consolidated Statements of Income
Operating Revenues:
     Oil and gas sales........................................... $    64,907      $   26,408    $  240,964     $   133,083
     Gas gathering, marketing and processing.....................       7,175           2,188        20,809          17,895
     Oil field management services...............................       1,640             434         4,096           1,828
                                                                  ----------------------------------------------------------
          Total Operating Revenues...............................      73,722          29,030       265,869         152,806
                                                                  ----------------------------------------------------------
Operating Costs and Expenses:
     Oil and gas production lifting costs........................      13,142           5,393        51,559          20,388
     Production taxes and other costs............................       7,819           3,081        28,167          12,994
     Gas gathering, marketing and processing.....................       4,928           2,015        15,100          16,101
     Oil field management services...............................         927             322         2,474           1,277
     Depreciation, depletion and amortization....................      23,521          14,680        86,468          43,999
     Gains on sale of assets.....................................         (32)            (54)          (61)            (58)
     Loss on Enron related assets................................           -           3,156             -           3,156
     General and administrative..................................       3,674           1,081        13,293           6,898
                                                                  ----------------------------------------------------------
          Total Operating Costs and Expenses.....................      53,979          29,674       197,000         104,755
                                                                  ----------------------------------------------------------
Operating Profit.................................................      19,743            (644)       68,869          48,051
     Equity in earnings of affiliate.............................        (124)           (104)          792           1,085
     Other income................................................         194              59           452             283
     Provision for impairment of investments.....................           -          (7,123)         (621)         (7,123)
     Other non-cash hedging adjustments..........................      (1,196)           (511)       (6,626)             52
     Interest expense............................................     (13,286)         (5,592)      (47,935)        (19,920)
                                                                  ----------------------------------------------------------
Income before income tax.........................................       5,331         (13,915)       14,931          22,428
      Provision for income tax benefit/(expense).................      (2,252)          5,157         1,212          (8,608)
                                                                  ----------------------------------------------------------
Income before extraordinary loss.................................       3,079          (8,758)       16,143          13,820
     Extraordinary loss from early extinguishment of debt,
     net of tax benefit of $379 in 2002 and $186 in 2001.........           -               -          (621)           (304)
                                                                  ----------------------------------------------------------
Net Income....................................................... $     3,079      $   (8,758)   $   15,522     $    13,516
                                                                  ==========================================================
Income per Common Share
      Basic...................................................... $      0.05      $    (0.25)   $     0.25     $      0.39
                                                                  ==========================================================
      Diluted.................................................... $      0.04      $    (0.24)   $     0.25     $      0.36
                                                                  ==========================================================
Common Shares Used in Per Share Calculation
     Basic.......................................................      67,759          35,111        61,493          34,820
                                                                  ==========================================================
     Diluted.....................................................      68,499          37,103        62,514          37,109
                                                                  ==========================================================
Consolidated Statement of Cash Flows:
Net Cash Provided By Operating Activities........................ $    44,126      $   24,916    $   83,403     $   104,074
                                                                  ==========================================================

</TABLE>

                                                  December 31,     December 31,
                                                       2002           2001
                                                  ------------     ------------
Consolidated Balance Sheet Data
     Total Assets................................ $ 1,154,279       $ 454,385
     Long-term Debt, less current maturities..... $   569,086       $ 284,669
     Total Stockholders' Equity.................. $   350,196       $ 117,974