MAGNUM HUNTER RESOURCES CORPORATION

Investor Presentation January 2015

9

Substantial Leasehold Inventory

(1) Developed acreage is the number of acres allocated or assignable to producing wells or wells capable of production (2) Undeveloped acreage is lease acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and natural gas,

regardless of whether such acreage includes proved reserves (3) Approximately 48,578 Gross Acres and 43,273 Net Acres overlap in our Utica Shale and Marcellus Shale (4) Pertains to certain miscellaneous properties in Texas and Louisiana (5) Includes the acreage associated with the recent divestitures of non-core assets in Divide County, North Dakota

As of September 30, 2014

Gross Net Gross Net Gross Net

Appalachian Basin (3)

Marcellus Shale 58,334 57,908 28,066 22,651 86,400 80,559

Utica Shale 68,887 64,991 59,251 52,925 128,139 117,916

Magnum Hunter Production 145,086 109,568 167,139 146,736 312,225 256,305

Other 24,620 24,620 40 17 24,660 24,637

Total 296,928 257,087 254,496 222,329 551,424 479,416

South Texas

Other(4) 1,777 880 618 546 2,395 1,426

Total 1,777 880 618 546 2,395 1,426

Williston Basin - USA

North Dakota(5) 174,456 47,124 88,973 38,783 263,428 85,907

Total 174,456 47,124 88,973 38,783 263,428 85,907

MHR TOTAL 473,161 305,091 344,087 261,658 817,248 566,749

Developed

Acreage (1)

Undeveloped

Acreage (2) Total Acreage

Appalachian Division Overview

Proved Reserves and PV-10

• Total proved reserves of 64.1 MMBoe as of 6/30/14

• Proved producing reserves of 30.0 MMBoe as of 6/30/14

• PV-10 of $622.9 million as of 6/30/14

Acreage Position

• ~477,600 net acres in the Appalachian Basin

• 80,300 net acres located in the Marcellus Shale

– 387 gross remaining Marcellus well locations(1)

• 118,500 net acres prospective for the Utica Shale

– 464 gross remaining Utica well locations(1)

11

Overview Areas of Operation

Utica and Marcellus Shale Overview

• 52 gross wells have been drilled and placed on production to-date with 16 gross (15 net) shut-in on existing pads

– 18 wells in Tyler County, WV (10 wells shut-in) – 28 wells in Wetzel County, WV (3 wells shut-in) – 5 wells in Monroe County, OH (2 wells shut-in) – 1 well in Washington County, OH (1 well shut-in)

• Current Completion Operations: 6 gross (6 net) – 4 gross (4 net) wells in Wetzel County, WV – 2 gross (2 net) wells in Tyler County, WV

(1) Marcellus/Utica well locations only contemplate locations with a working interest > 70%

12,854 12,421

12,832 12,670

3,972

10,013

8,412

9,677 9,316

10,119

17,028 17,116 16,847

9,543 10,340

8,842 8,560

3,502 3,697

6,980

18 21 21

24

12 14 19

20 20 19

27 29 29

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Collins Unit#1116H

Collins Unit#1117H

Collins Unit#1118H

Collins Unit#1119H

Ormet 1-9H Ormet 2-9H Ormet 3-9H WVDNR#1207

WVDNR#1208

WVDNR#1209

StewartWinland

1301

StewartWinland

1302

StewartWinland

1303

IP 30-day avg. rate (Mcfe/d) IP 24-hr avg. rate (Mcfe/d) Frac Stages (#)

Marcellus Shale Recent Well Results

12

Marcellus Operated Well Results

Please note that the Ormet, WVDNR and Stewart Winland wells reflect peak production rates (Ormet 1-9H initially tested and completed in 2011 at a restricted rate)

Recently Completed Wells

NGL Uplift in Appalachia

13

Following the startup of the Mobley Processing Plant in December 2012, Magnum Hunter has realized an uplift in NGLs on a per wellhead Mcf basis between $0.50 - $1.00

The Company has 200 MMcf/d of dedicated processing capacity at the Mobley Plant

(1) All values shown are versus wellhead production in Mcf.

Wellhead Gas 1 Mcf

Btu = ~1,270

Cryo Processing

1.64 Gal / Mcf

Methane 0.85 – 0.89 Mcf

Ethane 3.0 – 3.5 Gal / Mcf

Residue Nat. Gas and Ethane

Btu = ~1,060

NGLs

Liquids Fractionation

(C3+) $0.50 - $1.00

+ $3.00 - $3.50

$3.50 - $4.50

Per Wellhead Mcf (1)

$0

$2

$4

$6

$8

$10

$12

$14

$16

$1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00

2014 Case

Economic Sensitivity of Marcellus “Magnum Rich”

14

Assumptions for 2014 Case: CAPEX: $7.0 million per well EUR: 11.0 Bcfe (includes NGL)

Realized Natural Gas Price(1), $/MMBtu

Note: Assumes realized oil price of $60.00/Bbl and realized NGL price of $30.00/Bbl (50% of realized oil price) (1) NYMEX natural gas (HH) spot pricing as of 1/8/2015 was $2.93 per MMBtu

Sin

gle

We

ll N

PV

-10

($

MM

)

IRR: 12%

IRR: 21%

IRR: 30%

IRR: 41%

IRR: 52%

IRR: 63%

IRR: 75%

IRR: 88%

Marcellus Shale

15 Note: MHR owns approximately 80,300 net acres in the Marcellus Shale.

MONROENOBLE

WASHINGTON

DODDRIDGE

PLEASANTS

RITCHIE

WETZEL

WIRT

TYLER

WOOD

PETRA 9/9/2013 9:53:47 AM

ATHENS

MEIGS

MONROE

MORGAN

MUSKINGUM

NOBLEPERRY

WASHINGTON

GREENE

BARBOUR

CALHOUN

DODDRIDGE

GILMER

JACKSON

LEWIS

MARION

MARSHALL

MONONGALIA

PLEASANTS

RITCHIE

TAYLOR

UPSHUR

WETZEL

WIRT

OHIO

GUERNSEY

BELMONT

TYLER

WOOD

HARRISON

PETRA 6/21/2013 10:19:20 AM

MHR - Stalder PadEighteen Planned

Horizontals

MHR - Collins PadFour Planned HorizontalsMagnum Hunter Acreage

Eureka Hunter Pipelines

MHR - Ormet #15 Pad

MHR/Eclipse - Stalder Pad

Eclipse/MHR - Herrick Pad

Mark West – MobleyFractionation Facility

Eureka - CarbideCompression Facility

MHR / Stone JV Pads

MHR - Spencer PadMHR - WVDNR Pad

MHR - Collins Pad

MHR - Ormet #9 Pad

MHR/Eclipse - McIntire Pad

MHR - Meckley-Wells Pad

MHR - Stewart-Winland Pad

MHR - Everest-Weese Pad

MHR - Stevens Pad

Results Indicate Best Shale Play in US

16

Shale Play Comparison Chart

Ohio/West Va./Penn. Wyoming/Colorado Texas N. Dakota

Utica Shale /

Parameter Point Pleasant DJ Basin Niobrara Eagle Ford Bakken

Lithology Calcareous Shale Chalk/marl Calcareous Shale Silty Dolomite

Shale with carbonate

Lithology Descriptor stringers Like Limestone Like Limestone More Dolomitic

Storage Capacity

Formation Thickness 100'-300' 150'-300' 75'-300' < 150'

Porosity 3-16% 6-10% 4-15% 8-12%

Water Saturation (Sw) 5-10% 35-90% 15-45% 15-25%

OOIP per section (MMBOE) 20-35 30+ 30-50 10-15

Productive Capacity

Clay Content ~10-25% 10-40% 8-11% 5-10%

Total Organic Carbon (TOC) 2-6% 2-6% 5% 9%

Brittleness varies, Brittle, fracs easy, 500' Brittle, fracs easy,

Ability to Fracture Stimulate na 250' frac length frac length 500+' frac length

Permeability < 0.1 mD < 0.1 mD < 0.1 mD < 0.1 mD

Reservoir Pressure (psi/ft) ~0.5-0.85 0.4-0.6 0.5-0.8 0.5-0.7

Gas-Oil-Ratio (GOR) ~3,000 0-10,000+ 500-2,000 500-1,000

Development Parameters

Depth 7,000'-11,000' 6,000'-8,000' 6,000'-8,000' 7,000'-11,000'

Well Cost ($MM) 8.0-10.0 4.0-6.0 9.0 10.0

Spacing (acres/well) 80-160 ~160 80-160 100-200

EUR (MBOE/well) 600+ 175-350 450-700 300-1,000

Stalder Pad Drilling Locations

19

Magnum Hunter announced the initial production results from the first Utica horizontal well on the Stalder Pad on 2/14/14

• Tested at a peak rate of 32.5 MMCF of natural gas per day

• Drilled to a true vertical depth of 10,653 feet with a 5,050 foot horizontal lateral

• Successfully fracked with 20 stages

The first Marcellus horizontal well on the Stalder Pad has been completed and tested

• Drilled to a true vertical depth of 6,070 feet with a 5,474 foot horizontal lateral

Currently tying in the three new horizontal Utica wells (Stalder #6UH, Stalder #7UH and Stalder #8UH)

All five wells will be placed on production in late January 2015

PETRA 9/9/2013 4:06:37 PM

MHR - Stalder PadEighteen Planned Laterals

0 2000’

Magnum Hunter Acreage

Marcellus Horizontal Well

Utica Horizontal Well

Magnum Hunter/Eclipse JV Acreage

MHR - Stalder #3UH32.5 MMCF | 97% Methane

Stewart-Winland Pad Drilling Locations

21

The Stewart-Winland Pad located in Tyler County, WV has seven planned laterals

• Four wells have been drilled and completed on the North Unit (3 Marcellus and 1 Utica)

• Three wells will be drilled on the South Unit (3 Marcellus)

Utica Well was fracture stimulated (22 stages) and tested at a peak rate of 46.5 MMCF

The three Marcellus wells tested at peak rates of 17.0 MMCFE, 17.1 MMCFE and 16.8 MMCFE, respectively

Immediate take-away capacity exist on the Eureka Hunter Pipeline system and all wells are tied in and flowing to sales

FEET

0 2,000

PETRA 3/25/2014 1:44:51 PM

FEET

0 2,000

PETRA 3/26/2014 4:05:20 PM

FEET

0 2,000

PETRA 3/26/2014 4:06:23 PM

FEET

0 2,000

PETRA 3/25/2014 4:46:33 PM

Tyler County, West Virginia

Marcellus Horizontal Well

Magnum Hunter Acreage

Utica Horizontal Test Well

MHR - Stewart-Winland PadSeven Planned Laterals

MHR / JV Partner Acreage

Stewart-Winland #1300UPeak Test Rate: 46.5 mmcf/d