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

---

# MAGNUM HUNTER ANNOUNCES SENIOR MANAGEMENT
CHANGES

Irving, Texas, November 30, 2004,
Magnum Hunter Resources, Inc. (NYSE: MHR) announced today several changes to management
personnel in the Companys finance, capital markets and investor relations
departments. These changes address the resignation of Mr. Chris Tong, effective January 1,
2005, as the Companys Senior Vice President and Chief Financial Officer. Mr. Tong
has accepted a similar position at Noble Energy, Inc. (NYSE: NBL); a $3.75 billion equity
market capitalized multi-national exploration and production company headquartered in
Houston, Texas.

In conjunction with Mr. Tongs
resignation, Mr. Bradley Davis, age 45, has been appointed Senior Vice President and Chief
Financial Officer (Interim) of the Company. Mr. Davis has served as Magnum Hunters
Senior Vice President of Capital Markets and Corporate Development since September 2002.
He has 23 years of experience and direct involvement in all facets of the energy industry,
including nine years as a Senior Equity Research Analyst specializing in the small-to-mid
capitalization independent exploration and production sector. Mr. Davis will continue to
report to Mr. Gary C. Evans, Magnum Hunters President and Chief Executive Officer.

Mr.
          Howard M. Tate, age 36, has been appointed Vice President of Capital Markets,
          with primary responsibility for the investor relations function. Mr. Tate has
          served as Magnum Hunters Vice President of Finance since April 2002 where
          he was responsible for the Companys banking relations, risk management and
          financial analysis functions. Mr. Tate holds a Bachelor of Science degree in
          Accounting and Finance from Oklahoma State University and a Master of Business
          Administration from the University of Houston. He will report to Mr. Davis.

Mr.
          Mark H. Wolf, age 42, has been hired and appointed Vice President of Finance.
          Mr. Wolf has served as a financial consultant to the Company since August 2004.
          From May 1990 until December 2003, Mr. Wolf was employed by CIBC World Markets
          and predecessor entities, most recently as an Executive Director in the
          Leveraged Finance Group specializing in the exploration and production sector of
          the energy industry. Mr. Wolf was employed as a corporate finance specialist in
          the Real Estate Group of MBank in Houston, Texas from August 1987 to May 1990.
          He holds a Bachelor of Arts degree in Economics and a Master of Business
          Administration from the University of Texas at Austin. Mr. Wolf will report to
          Mr. Davis.

Commenting on his resignation, Mr.
Chris Tong stated, I have thoroughly enjoyed my seven years as Magnum Hunters
Chief Financial Officer. During my tenure, the Company has grown substantially from
approximately $250 million in assets to over $1.6 billion. I have been privileged to be a
part of Magnum Hunters success and I believe the Company is well positioned for the
future. I leave knowing that Magnum Hunter is on very solid financial footing and secure
in the knowledge that the financial, accounting and treasury team at Magnum Hunter are of
the highest quality, both personally and professionally. I will miss the many friends I
have made during my tenure with the Company. The reason for my departure is directly
attributable to the opportunities that I see at Noble Energy. I look forward to joining
Nobles management team soon and I wish all of the best to Magnum Hunters
employees and shareholders.

Mr.
          Gary C. Evans, President and Chief Executive Officer of Magnum Hunter stated,
          All of us at Magnum Hunter will sorely miss Chris. He has been a most
          valuable employee to this organization and I have no doubt will immediately
          prove his financial capabilities at his new employer in Houston. During
          Chriss tenure at Magnum Hunter, his department has completed some
          extraordinary financings that have been an integral part of our growth
          projectory. We are very fortunate to have the depth and expertise within our own
          organization to realign responsibilities in the finance and capital market
          departments that will allow for a smooth transition. I know that I echo all of
          our employees thoughts and desires as we wish Chris and his family the
          very best for the future.

####

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: HOWARD M. TATE, VICE PRESIDENT
OF CAPITAL MARKETS (972) 401-0752

---