IRVING, Texas, May 1 /PRNewswire-FirstCall/ -- Magnum Hunter Resources, Inc. (Amex: MHR - news; "Magnum Hunter") announced today that its Board of Directors has approved an expansion of the Company's existing stock repurchase program originally established in June 2001. The Company or its affiliates are now authorized to repurchase up to two million shares of Magnum Hunter's common stock. Purchases under the program can be made in the open market or in privately negotiated transactions from time to time as market conditions warrant. A total of 735,000 shares have been repurchased under the existing program of which 432,000 shares have been acquired during the month of April 2002.

Gary C. Evans, President, Chairman, and Chief Executive Officer, commented, "We believe that at current market prices, Magnum Hunter's common stock is substantially undervalued and is therefore an attractive investment for the Company. Magnum Hunter's common stock is presently trading at a significant discount to the shares of other companies within our peer group whose growth prospects are not nearly as attractive as those of our Company. Additionally, due to recently executed contracts to sell certain non-strategic properties at values significantly above their discounted present worth, we are in the unique position of being able to maintain our existing capital budget of $115 million, continue reducing our overall indebtedness toward our 50% debt-to-equity goal, and also expand our stock repurchase program."

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.