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
September 8, 1998
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.
Magnum Hunter Resources, Inc. announced on September 8, 1998 that its Board
of Directors has authorized the repurchase of up to one million shares of the
Company's common stock; provided however, that such repurchases will not exceed
$4 million in the aggregate. A copy of the press release is filed as an exhibit
to this Form 8-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release dated September 8, 1998 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: September 8, 1998
[GRAPHIC OMITTED]
Magnum Hunter Resources, Inc.
600 East Las Colinas Blvd., Suite 1200, Irving, TX 75039
Phone (972) 401-0752 Fax (972) 401-3110
Internet Address: http://www.magnumhunter.com
NEWS
FOR IMMEDIATE RELEASE
American Stock Exchange
o Common - MHR
o Bonds - MHR.B
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MAGNUM HUNTER BOARD ANNOUNCES SHARE BUYBACK PROGRAM
Irving, Texas, September 8, 1998, Magnum Hunter Resources, Inc. ("Magnum
Hunter") announced today that its Board of Directors has approved a stock
repurchase program whereby the Company or its affiliates are authorized to
repurchase up to one million shares of Magnum Hunter's common stock. Purchases
under the program would be made in the open market or in privately negotiated
transactions from time to time as market conditions warrant.
The Company has received formal approval from its senior bank group that
provides a window for the Company to complete this program on or before April
30, 1999 and the cost of such purchases shall not exceed $4 million in the
aggregate.
Gary C. Evans, President and CEO, 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. At current price levels,
Magnum Hunter is presently trading at over a 50% discount to the net asset value
of the Company based upon prices being paid for proved reserves in the current
commodity price environment."
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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 acquisition, production and sale 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: MICHAEL P. MCINERNEY,
INVESTOR RELATIONS (972) 401-0752
