UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


                                                       February 3, 1999
Date of Report (Date of earliest event reported)_______________________________


                          MAGNUM HUNTER RESOURCES, INC.

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             (Exact name of registrant as specified in its charter)


NEVADA                                1-12508                    87-0462881
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(State or other jurisdiction         (Commission                (IRS Employer
 of incorporation)                   File Number)            Identification No.)



         600 East Las Colinas Boulevard, Suite 1200, Irving, Texas 75039
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               (Address of principal executive offices) (Zip Code)


Registrant's telephone number, including area code            (972) 401-0752
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          (Former name or former address, if changed since last report)



<PAGE>

Item 5. Other Events.

     On February 3, 1999,  Magnum Hunter Resources,  Inc.  announced that it had
closed various  transactions  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,  ONEOK's ability to
market  certain  of  Magnum  Hunter's  natural  gas  production  in the state of
Oklahoma and ONEOK's  ability to  participate in future  acquisitions  of Magnum
Hunter in the state of Oklahoma.

     The  Preferred  Stock has 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.

A copy of the press release is filed as an exhibit to this Form 8-K.

Item 7.  Financial Statements and Exhibits.

     (c) Exhibits 

     4.1  Certificate of Designations for 1999 Series A 8% Convertible Preferred
          Stock
     10.1 Stock Purchase Agreement between ONEOK Resources, Inc. and Magnum
          Hunter Resources, Inc., dated February 3, 1999 
     99.1 Press  Release  dated  February  3, 1999  issued by Magnum
          Hunter Resources, Inc.



                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                                 MAGNUM HUNTER RESOURCES, INC.


                                                       /s/ Gary C. Evans
                                                By:____________________________
                                                       Gary C. Evans
                                                       President and CEO

                                                      /s/ Morgan F. Johnston
                                                By:____________________________
                                                       Morgan F. Johnston
                                                       Vice President, General
                                                       Counsel and Secretary

Dated: February 11, 1999