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Petro Resources Corporation: Petro Resources Announces Name Change to Magnum Hunter Resources Corporation (NYSE Amex: MHR)

^{Published on 2009-07-14 06:17:15, Last Modified on 2009-07-14 06:17:21 - Market Wire}
 

HOUSTON, TX--(Marketwire - July 14, 2009) - Magnum Hunter Resources Corporation (NYSE Amex: [ MHR ]) (the "Company") announced today that effective as of the market opening this morning, the Company changed its name and ticker symbol to MHR from Petro Resources Corporation (NYSE Amex: [ PRC ]). The corporate name change is pursuant to the unanimous approval by the Company's Board of Directors and conforms to Delaware corporate law.

The Company will remain headquartered in Houston, Texas and will maintain its present physical location. Other than the change in name and ticker symbol, all aspects of the Company including its Executive Officers, Board of Directors, operating base and strategic focus on the acquisition and development of oil and gas producing properties will continue. The company will also pursue certain unconventional hydrocarbon regions that offer meaningful levels of current production and substantial upside opportunities from development of low risk drilling.

Management Comments

Mr. Gary C. Evans, Chairman of the Company, commented, "In June 2005 Cimarex, Inc. (NYSE Amex: [ XEC ]) acquired the old Magnum Hunter Resources in a $2.2 billion dollar merger transaction. The Magnum Hunter name carried significant institutional recognition on Wall Street. After the sale of the company, I was able to secure the rights to use the name 'Magnum Hunter Resources' again and have now chosen Petro Resources Corporation as the corporate entity to use this brand. One of the issues I felt was very important when I joined the Company in late May 2009 as Chairman, was to cause the corporate name change to Magnum Hunter Resources. We had a tremendous 20 year run at the old Magnum Hunter in creating sequentially appreciating shareholder value. Further, we intend to bring similar disciplines we utilized so successfully at the old Magnum Hunter to the new Magnum Hunter. Specifically, these include a focus on operations and strategic property acquisition in known geologic regions of the oil patch. Low finding and development costs, reduced operating costs and low corporate overhead, are all necessary in an effort to generate superior returns to shareholders. The merger and acquisition market is showing a tremendous amount of deal flow, particularly in the distressed asset arena, and we remain very optimistic that the Company will have the opportunity to announce specific transactions related to these activities in the near future."

About Magnum Hunter Resources

Magnum Hunter Resources Corporation and subsidiaries is an independent exploration and production company engaged in the acquisition of exploratory leases and producing properties, secondary enhanced oil recovery projects, exploratory drilling, and production of oil and natural gas in the United States.

For more information, please view our website at [ www.magnumhunterresources.com ]

Forward-looking Statements

The statements contained in this press release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements, without limitation, regarding the Company's expectations, beliefs, intentions or strategies regarding the future. Such forward-looking statements may relate to, among other things: (1) the Company's proposed exploration and drilling operations on its various properties, (2) the expected production and revenue from its various properties, (3) the Company's proposed redirection as an operator of certain properties and (4) estimates regarding the reserve potential of its various properties. These statements are qualified by important factors that could cause the Company's actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) the Company's ability to finance the continued exploration, drilling and operation of its various properties, (2) positive confirmation of the reserves, production and operating expenses associated with its various properties; and (3) the general risks associated with oil and gas exploration, development and operation, including those risks and factors described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2008 filed with the Securities and Exchange Commission on March 31, 2009 and April 29, 2009, respectively, and our subsequently filed reports. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.