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   Magnum Hunter Resources, Inc.
   600 East Las Colinas Blvd., Suite 1200, Irving, TX  75039
   Phone (972) 401-0752      Fax   (972) 401-3110
   Internet Address:  http://www.magnumhunter.com



NEWS

                                                         FOR IMMEDIATE RELEASE
American Stock Exchange
   o  Common -  MHR
   o  Bonds -  MHR.B
--------------------------------------------------------------------------------
                             MAGNUM HUNTER ANNOUNCES
                        CAPITALIZATION PLAN AND STRATEGIC
                            ALLIANCE WITH ONEOK, INC.

     Irving,  Texas,  December 14, 1998, Magnum Hunter Resources,  Inc. ("Magnum
Hunter")  announced  today that it has  executed a Letter of Intent  with ONEOK,
Inc.  (NYSE:  OKE),  the eighth  largest  natural gas  distributor in the United
States,  relating to ONEOK's  purchase of $50 million of  Convertible  Preferred
Stock of Magnum Hunter.  This Letter of Intent also includes  ONEOK's ability to
market Magnum Hunter's natural gas production in the state of Oklahoma,  ONEOK's
ability to participate in future  acquisitions  of Magnum Hunter in the state of
Oklahoma,  and  ONEOK's  participation  in Magnum  Hunter's  recently  announced
acquisition  of certain oil and gas assets to be acquired from Spirit Energy 76,
a business unit of Union Oil Company of California ("Spirit 76").

     The Preferred  Stock will have a liquidation  value of $50 million and will
be convertible  into Magnum Hunter's Common Stock at $5.25 per share.  Dividends
on the  Preferred  Stock will be payable in cash at the rate of 8% per annum and
will be cumulative. Magnum Hunter will use the net proceeds from the transaction
to repay  senior  bank  indebtedness,  to provide  working  capital  for general
corporate purposes and to finance acquisitions, as determined by Magnum Hunter's
Board of  Directors.  ONEOK will have the right to  nominate  two new members to
Magnum Hunter's existing Board of Directors.

     ONEOK  will  directly   purchase,   for  an  aggregate   consideration   of
approximately $10 million, certain Oklahoma based oil and gas property interests
and a gathering system included in Magnum Hunter's $36.6 million  acquisition of
proved  reserves  and  associated  assets from Spirit 76  scheduled  to close at
year-end.  The acquisition of the Spirit 76 properties by Magnum Hunter includes
producing  fields  located  in the  states  of  Oklahoma  and  Texas.  Total net
production of this  acquisition,  as earlier  reported,  is  approximately  16.2
million cubic feet equivalent per day.

     The  Preferred  Stock  transaction  is  contingent  upon the  execution  of
definitive agreements between ONEOK and Magnum Hunter, a consent from a majority
of Magnum  Hunter's  existing 10% Senior Note holders and  compliance  under the
Hart-Scott-Rodino  Act. It is anticipated that a Closing will occur on or before
January 29, 1999.

     David Kyle,  President and Chief Operating  Officer of ONEOK,  said,  "This
alliance will give ONEOK  another  platform to grow our resource base along with
our  strategy  of  growing  all our  natural  gas  business  segments  including
gathering,  processing,  transporting  and  marketing.  Magnum Hunter shares our
production strategy and has an enviable track record of success that compliments
our efforts to maximize the value of our natural gas assets."

<PAGE>

     Mr. Gary C. Evans, President and CEO of Magnum Hunter, stated, "We are very
excited about the  opportunity to partner up with the management  team at ONEOK.
Over the past twelve months we have determined that we have similar philosophies
with respect to the acquisition of natural gas reserves and related  assets.  By
forming  this  strategic   alliance  between  our  companies,   we  believe  our
opportunities for success will be significantly enhanced. ONEOK will be making a
substantial  investment in our company that will  represent  our single  largest
equity  holder.  They have  recognized  not only the  value of  Magnum  Hunter's
existing  proved  reserve  base which is  predominantly  natural  gas,  but more
importantly,  the many opportunities that will naturally become available to our
respective companies in 1999 and beyond because of the alliance that we have now
formed."

     ONEOK,  Inc.  is  engaged  in  natural  gas  intrastate   distribution  and
transmission,  gas  processing,  gas  marketing  and gas  production.  ONEOK has
approximately 31.6 million shares of common stock outstanding. 

     Magnum  Hunter  Resources,  Inc.  is one of the  nation's  fastest  growing
independent  exploration  and development  companies  engaged in three principal
activities:  the acquisition,  production and sale of crude oil,  condensate and
natural gas; the gathering,  transmission  and marketing of natural gas; and 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,
                        INVESTOR RELATIONS (972) 401-0752