Answering the call for increased domestic natural gas production, Magnum Hunter Resources Inc. said new production has commenced from its West Cameron Block 426 located on the Outer Continental Shelf (OCS) of the Gulf of Mexico. In addition, the Irving, TX-based company said it anticipates the start of new production from West Cameron Block 416 later this week, Ship Shoal 28 next month and West Cameron Block 428 within ten weeks.

The West Cameron Block 426 is located approximately 120 miles southwest of Iberia, LA in approximately 100 feet of water. The company noted that the No. 1 well was recently placed on production from a depth of approximately 7,000 feet at the aggregate rate of 15 MMcfe/d. Magnum Hunter holds a 50% working interest in the well, while Remington Oil and Gas Corp. operates the well and owns the remaining 50% working interest.

The company said that the previously announced West Cameron 416 #1 discovery well tested at a daily production rate of 14 MMcfe and is expected to start production before the end of this week. The West Cameron Block 428 #1 discovery well recently tested at a daily production rate of 8.5 MMcfe and is expected to start production within ten weeks. Magnum Hunter owns a 25% working interest in both wells with Remington Oil and Gas Corp. acting as operator with 50% working interests.

Magnum Hunter added that first production from the Ship Shoal Block 28 #1 discovery is anticipated around the middle of April. It tested at a daily production rate of 9 MMcfe. The company holds a 15% working interest in the well, while Callon Petroleum Operating Co. acts as operator with a 35% share.

The company said it will discuss its fourth quarter and calendar year 2002 financial results via a web cast on Tuesday (March 25) at10:00 a.m. CST. The call will be accessible on the company’s web site at www.magnumhunter.com.

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