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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# BOARD OF DIRECTORS
DECIDES TO SEEK STRATEGIC ALTERNATIVES FOR THE COMPANY

# JERRY BOX ELECTED
CHAIRMAN OF THE BOARD AND WILL OVERSEE STRATEGIC DIRECTION OF THE COMPANY MOVING FORWARD

# GARY C. EVANS REMAINS
PRESIDENT AND CHIEF EXECUTIVE OFFICIER, ANNOUNCES HIS DECISION TO RETIRE IN APRIL 2005

# CONFERENCE CALL WITH
MANAGEMENT TO BE HELD AT10:30 AM (CENTRAL TIME) ON THURSDAY, OCTOBER 7th

Irving, Texas, October 7, 2004,
Magnum Hunter Resources, Inc. (NYSE: MHR) announced today the election of Mr. Jerry Box as
Chairman of the Board of Directors. Mr. Box will also Chair a new special committee
comprised of independent directors formed by the Board to investigate all possible
strategic alternatives available to the Company for enhancement of shareholder value. Mr.
Gary C. Evans will remain in his position as President and Chief Executive Officer and a
director of the Company. Mr. Evans had previously held the position of Chairman.

Mr. Box (age 66) has served on the Magnum Hunter Board of Directors since March
          1999. He is the former President and Chief Operating officer of Oryx Energy
          Company and has over 36 years of experience in the exploration and production
          industry as an explorationist and senior executive. Mr. Box attended Louisiana
          Tech University, where he received B.S. and M.S. degrees in geology, and is also
          a graduate of the Program for Management Development at the Harvard University
          Graduate School of Business Administration. He is a former member of the policy
          committee of the U.S. Department of Interiors Outer Continental Shelf
          Advisory Board, past Chairman and Vice Chairman of the American Petroleum
          Institutes Exploration Affairs subcommittee, former member of the National
          Ocean Industries Association Board of Directors, past Vice President and Board
          member of the Dallas Museum of Natural History, and a former President of the
          Dallas Petroleum Club. Mr. Box served as an officer in the U.S. Air Force from
          1961 to 1966. A resident of Dallas, Texas, Mr. Box currently serves as a
          Director of Newpark Resources, Inc., an oilfield service company traded on the
          New York Stock Exchange.

Mr. Evans also announced today, after having founded the Company in June 1985 and
          with almost 20 years of continuous service, he intends to retire as President
          and Chief Executive Officer of Magnum Hunter in April 2005. Mr. Evans plans to
          remain on the Magnum Hunter Board after his retirement. The election of Mr. Box
          as Chairman by the Board of Directors at this time provides senior executive
          continuity during and after Mr. Evans six month transition period. The
          Board of Directors anticipates retaining an executive search firm to advise the
          Company regarding a possible successor to Mr. Evans.

Additionally, Magnum Hunter announced
that the Company is in the process of engaging a financial advisor(s) to counsel the Board
and Special Committee on all possible strategic alternatives available for the ultimate
enhancement of shareholder value.

Commenting on todays
announcements, Mr. Jerry Box, Chairman of the Board stated, Magnum Hunter has never
been on more solid footing, both financially and operationally, than it is today. After
founding the Company nearly 20 years ago, then successfully leading Magnum Hunters
growth in the intervening years, the Board nevertheless respects Gary Evans decision
to retire next year. However, we are grateful for his decision to remain a Director of the
Company and to provide for a six month transition period. The Board and management team is
absolutely committed to building, enhancing and maximizing shareholder value and will take
whatever steps necessary to ensure that all possible alternatives regarding Magnum
Hunters strategic future will be investigated thoroughly. Toward this goal, the
Board has elected me Chairman and charged me with responsibility for managing and
implementing this process.

Commenting on the announcement today,
Mr. Gary C. Evans, President and Chief Executive Officer of the Company, stated,
Magnum Hunter has now grown to over one trillion cubic feet of proven reserves and
over one billion in market capitalization. We hold a significant amount of drilling
inventory both onshore and offshore, covering almost 10 million acres of minerals. With
commodity prices reaching record highs and the forward strip at unprecedented levels, our
Board of Directors believes now is the appropriate time to seek strategic
alternatives to maximize this asset value. After spending almost 20 years with this
Company as its founder, I have reached a point in my life where I desire a change. I wish
to spend more time with my wife and teenage children before they leave our family nest.
With my decision now to retire sometime over the next six months, my available time will
then be free to pursue these most important endeavors. I look forward to working more
closely with Jerry Box in seeking the best route for the future of Magnum Hunter, its
employees, and our shareholders.

On Thursday morning, October 7, 2004,
a conference call will be hosted by the Senior Management of Magnum Hunter Resources, Inc.
at 10:30 a.m. central time. The subject of the conference call will be to discuss in
greater detail information presented in this press release. To participate in the
conference call, please dial in Domestic/Canada (800) 706-3079 or International/Local
(706) 643-1963 at 10:25 a.m. central time on Thursday, October 7, 2004. A Web Broadcast
will also be available for listeners on the Magnum Hunter Web Site with instructions as
follows:

Go to www.magnumhunter.com

Go to Investor Relations

Go to Conference Calls

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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: M. BRADLEY DAVIS SENIOR VICE PRESIDENT
 CAPITAL MARKETS (972) 401-0752

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