Magnum
Hunter Resources, Inc.600 E. Las Colinas Blvd., Suite 1100, Irving, TX  75039Phone (972) 401-0752   Fax  (972) 401-3110Internet Address: [website omitted]

FOR IMMEDIATE RELEASENEWS

New York Stock Exchange*
  Common    -  MHRAmerican Stock Exchange*   Warrants   -  MHR/WS/A

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# MAGNUM HUNTER
ANNOUNCES YEAR-END 2004 PROVED RESERVES OF
1.01 TCFE, A 20% INCREASE OVER PREVIOUS YEAR REPLACEMENT OF 309% OF
2004 PRODUCTION YEAR-OVER-YEAR
PRODUCTION UP 10%

Irving, Texas, February 16, 2005,
Magnum Hunter Resources, Inc. (NYSE: MHR) disclosed today its total proved reserves at
December 31, 2004, as fully engineered by the Companys independent petroleum
consultants, DeGolyer and MacNaughton and Cawley Gillespie & Associates, Inc. On a gas
equivalent basis, total proved reserves were 1.01 trillion cubic feet equivalent
(Tcfe), comprised of 610.1 billion cubic feet (Bcf) of natural gas
(61% of the total) and 66.1 million barrels (MBbls) of crude oil and
natural gas liquids (39% of the total). Approximately 730.7 Bcfe (73% of the total) of the
Companys year-end 2004 total proved reserves were classified as proved developed,
with approximately 275.9 Bcfe (27% of the total) classified as proved undeveloped.

The Companys 2004 year-end
total proved reserves of 1.01 Tcfe represents a 20% increase over the 838.4 Bcfe of total
proved reserves reported by Magnum Hunter at December 31, 2003. The Company successfully
added approximately 248.6 Bcfe of total proved reserves during 2004 from all sources,
which replaced 309% of the approximately 80.4 Bcfe in production.

Magnum Hunters calendar year
2004 production estimate of 80.4 Bcfe (70% natural gas) represents a 10% increase over the
Companys 2003 production of 73.1 Bcfe (68% natural gas). The Companys reserves
life index at year-end 2004 increased by one year to 12.5 years from 11.5 years at
year-end 2003.

# Full-Year 2004 Finding
and Development Costs

The unaudited all sources finding and
development cost for total proved reserves added by the Company during fiscal 2004, based
upon total capital expenditures of approximately $523.2 million, was $2.11 per Mcfe.

# Before-Tax PV-10%
Calculation

Magnum Hunters total proved
reserves of 1,006.6 Bcfe at December 31, 2004 had a net present value (discounted at 10%)
before federal income taxes, of approximately $2.0 billion. The unescalated year-end 2004
commodity prices used for calculating this present value were $6.19 per MMbtu for natural
gas and $43.46 per Bbl for crude oil, before adjustments for pertinent pricing
differentials.

# 2004 Drilling Results

Magnum Hunter participated in the
drilling of 175 new wells during the twelve months ended December 31, 2004, of which 139
were classified as development and 36 were deemed exploratory. Of these 175 new wells
drilled during fiscal-year 2004, 167 (137 development and 30 exploratory) were deemed
successful and 8 (2 developmental and 6 exploratory) were plugged and abandoned, which
provided for an overall success rate of 95% (99% developmental success and 83% exploratory
success). Since entering the Gulf of Mexico in 1999, Magnum Hunter has successfully
completed 109 wells out of 132 new wells attempted, for an overall success rate of 83%.

# Recent Announcement To
Be Acquired by Cimarex Energy

On January 26, 2005, Magnum Hunter
and Cimarex Energy, Inc. (NYSE:XEC) announced that their respective boards of directors
had approved an agreement and plan of merger that provides for the acquisition of Magnum
Hunter by Cimarex. Closing is anticipated before the end of the second quarter in 2005,
subject to customary regulatory approvals.

Under the terms of the proposed
agreement, Magnum Hunter shareholders will receive 0.415 shares of Cimarex common stock
for each share of Magnum Hunter common stock that they own. The merger is expected to be
non-taxable to the shareholders of both companies. In addition to the merger consideration
and prior to closing, Magnum Hunter intends to distribute its ownership interest in TEL
Offshore Trust (NasdaqSC: TELOZ) to its common stockholders as a special dividend.

As a result of the merger transaction
and based on the 87.1 million Magnum Hunter common shares currently outstanding, Cimarex
expects to issue approximately 36.1 million common shares to Magnum Hunters common
stockholders. On that basis, it is anticipated that after closing, the combined company
would have approximately 78 million basic shares outstanding. Cimarex shareholders would
own 53.6 percent and Magnum Hunter shareholders will own 46.4 percent of the combined
entity.

# Management Comments

Commenting on Magnum Hunters
reserve numbers and production growth for 2004, Mr. Gary C. Evans, President and Chief
Executive Officer, stated, Our Company was again successful at bucking the
trend throughout our industry by growing its proved reserves over 20% to an
important milestone of just over one trillion cubic feet equivalent. We were able to
replace over 300% of our production and grew daily oil and gas production by 10% in 2004.
More important though, is how this success should continue to augment the growth profile
of the new combined corporate structure of Cimarex Energy and Magnum Hunter when the
merger of our two companies is completed this year.

# About Magnum Hunter
Resources, Inc.

Magnum Hunter Resources, Inc.,
located in Irving, TX, is an independent oil and gas exploration and production company
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. Its operations are concentrated in the Permian Basin of
West Texas and New Mexico, the Gulf of Mexico and in the Mid-Continent and Gulf Coast
areas of the U.S.

# About Cimarex Energy

Cimarex Energy Co., headquartered in
Denver, CO, is an independent oil and gas exploration and production company with
operations focused in the Mid-Continent and Gulf Coast areas of the U.S. Its principal
operations offices are located in Tulsa, New Orleans and Houston.

This communication contains
statements that constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are based on Cimarex Energy Co.
and Magnum Hunter Resources, Inc. current expectations and beliefs and are subject to a
number of risks, uncertainties and assumptions that could cause actual results to differ
materially from those described in the forward-looking statements. Risks, uncertainties
and assumptions include 1) the possibility that the companies may be unable to obtain
stockholder or regulatory approvals required for the acquisition; 2) the possibility that
problems may arise in successfully integrating the businesses of the two companies; 3) the
possibility that the acquisition may involve unexpected costs; 4) the possibility that the
combined company may be unable to achieve cost-cutting synergies; 5) the possibility that
the businesses may suffer as a result of uncertainty surrounding the acquisition; 6) the
possibility that the industry may be subject to future regulatory or legislative actions;
7) the volatility in commodity prices for oil and gas; 8) the presence or recoverability
of estimated reserves; 9) the ability to replace reserves; 10) environmental risks; 11)
drilling and operating risks; 12) exploration and development risks; 13) competition; 14)
the ability of management to execute its plans to meet its goals and other risks that are
described in SEC reports filed by Cimarex and Magnum Hunter. Because forward-looking
statements involve risks and uncertainties, actual results and events may differ
materially from results and events currently expected by Cimarex and Magnum Hunter.
Cimarex and Magnum Hunter assume no obligation and expressly disclaim any duty to update
the information contained herein except as required by law.

Additional Information About
the Acquisition and Where to Find It:

In connection with the proposed
acquisition, Cimarex and Magnum Hunter will file relevant materials with the SEC,
including one or more registration statement(s) that contain a prospectus and a joint
proxy statement. Investors and security holders of Cimarex and Magnum Hunter are urged
to read these documents (if and when they become available) and any other relevant
documents filed with the SEC, as well as any amendments or supplements to those documents,
because they will contain important information about Cimarex, Magnum Hunter and the
merger. Investors and security holders may obtain these documents (and any other
documents filed by Cimarex and Magnum Hunter with the SEC) free of charge at the
SECs website at www.sec.gov. In addition, the documents filed with the SEC
may be obtained free of charge (i) at www.cimarex.com or
www.magnumhunter.com or (ii) by directing a request to Mary Kay Rohrer, Assistant
Corporate Secretary, Cimarex Energy Co., phone: 303-295-3995, fax: 303-295-3494; or Morgan
F. Johnston, Corporate Secretary, Magnum Hunter Resources, Inc., phone: 972-401-0752, fax:
972-443-6487. Investors and security holders are urged to read the joint proxy
statement/prospectus and the other relevant materials when they become available before
making any voting or investment decision with respect to the proposed acquisition.

# Participants in the
Solicitation:

Cimarex, Magnum Hunter and their
respective executive officers and directors may be deemed to be participants in the
solicitation of proxies from the stockholders of Cimarex and Magnum Hunter in favor of the
merger. Information about the executive officers and directors of Cimarex and their
ownership of Cimarex common stock is set forth in the proxy statement for its 2004 Annual
Meeting of Stockholders, which was filed with the SEC in April 2004. Information about the
executive officers and directors of Magnum Hunter and their ownership of Magnum Hunter
common stock is set forth in the proxy statement for their 2004 Annual Meeting of
Stockholders, which was filed with the SEC in August 2004. Investors and security holders
may obtain more detailed information regarding the direct and indirect interests of
Cimarex, Magnum Hunter and their respective executive officers and directors in the merger
by reading the joint proxy statement/prospectus when it becomes available.

# FOR FURTHER INFORMATION
CONTACT

Magnum Hunter Resources,
Inc. contact: Howard Tate, Vice
President of Capital Markets 972-401-0752 www.magnumhunter.com

Cimarex Energy Co.
contact: Paul Korus, Vice
President & CFO 303-295-3995 www.cimarex.com