IPAA Oil & Gas Investment Symposium April 20, 2004

2 Forward-looking Statements This presentation contains projections and other forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of These projections and statements reflect the Company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission.

3 Good First Year… Combined the H&P and Key organizations – Grew our exploration staff by 45% Invested $160 MM in E&D (73% of Cash Flow) Replaced production and grew our proved reserves Strong earnings and cash flow – Net Income: $94.6 MM / $2.22 per share – Cash from operations: $217 MM No debt and over $40 MM of cash

4 Approach to the Business Consistent profitable growth Blended-risk exploration program Generate (versus buy) our own drilling inventory Some acquisitions, but not principle focus Multi-basin, lower-48 focus Local competitor and decentralized organization

5 Proved Reserves By Region 422 Bcfe Gulf Coast 11% Western 9% Mid-Continent 66% Permian 14% PUD 0.6% PD 99.4% By Category Oil 20% Gas 80% By Type

6 Capital Program 2004 Allocation … ($ Millions) $161 $104 $

7 Strong Momentum Into 2004… Exploration and Development Expenditures ($ Millions)

8 Expanding Production MMcfe Per Day Est.

9 Key Principles Each region will be a top competitor Regional effort built upon local expertise Drilling program with mostly moderate risk prospects Close integration between geology, land, and engineering Monitor results and provide continuous feedback

10 West Gueydan Miogyp Williston Basin Yegua/Cook Mtn North San Joaquin Basin Anadarko Basin A Diversified Approach Permian / SENM South Texas Mountain Front

11 Mid-Continent/Permian Operations Capital ($MM): MCPB 2003A: E: Gross wells: MCPB 2003A E Hugoton Anadarko Hardeman Arkoma Mt. Front Permian Long-term player in western Oklahoma New and expanding program in the Permian Basin

12 Mid-Continent Progress Gross Wells Net Wells Drilled Net Wells Success Rate89%86%76%78%80%85%93%88%90%

13 Anadarko Basin Targets Multiple targets at moderate depths Long-term deep potential Extensive acreage position This will continue to be a core drilling area Granite Wash 10,000 ft. Red Fork 12,500 ft. Morrow 16,500 ft. Springer 19,000 ft. Hunton 20,000 ft. Atoka 15,000 ft.

14 South Louisiana - West Gueydan Project Riceville (1991) 115 Bcfe - 3 wells South Lake Arthur (1980) 840 Bcfe - 23 wells SE Gueydan (1970) 205 Bcfe - 11 wells West Gueydan Project Area Focus area is Camerina & Miogyp Trend ☼ miles CAMERINA & MIOGYP TREND

15 West Gueydan Prospects Mauboules #1 discovery – Miogyp formation at 17,500’ – First production: March 2004 – Producing 24 MMcf/d and 370 BOPD – 64.5% WI / 46.4% NRI Mauboules #2 is currently drilling Reserve Potential: – Bcfe gross (15-20 net) – #1 well – 15 Bcfe proved (7 net) Other 2004 drilling – Jelly prospect (64.5% WI) – Rangoon prospect: Spud April 11 (47.5%WI) Mauboules #1 First sales: March 1 Jelly Prospect Bcfe potential Vermilion Parish Salt Mauboules #2 Currently Drilling Rangoon Prospect Currently Drilling

16 Mauboules 1 Upper Zone: Miogyp A 55.0’ Pay Lower Zone: Miogyp B 21.5’ Pay

17 Mauboules Potential Mauboules 1 Mauboules 2 A B Upside – 40 BCFE Lowest known gas Downdip potential Pay on water Proved 11.0 Proved Potential 1.5

18 Cook Mountain Project – SE Texas Liberty Hardin Jefferson Chambers Harris Trinity Raywood Moss Bluff Hathaway Raywood South Bauer Ranch Cook Mountain Prospects Yegua Prospects Raywood Field 600 sq mi of 3D data 2003: 6 gross wells / 4 net wells ($18MM) – Brookhollow tested 5 MMcf/d & 300 BOPD – Henderson #1 producing 10 MMcf/d and 700 BOPD – Henderson #2 producing 6 MMcf/d and 325 BOPD Aggressive 2004 plans – Ten or more locations ($20– 25MM) Wells are: – 12,000–15,000 feet deep – $2-3 MM gross

19 Henderson 1: 6000 MCFD, 300 BOD

20 Henderson Prospect – Liberty County Hathaway 3-D seismic survey 82% WI / 60% NRI Henderson #1 – 13,800 foot Yegua discovery in Nov – 4.3 Bcfe net proved Henderson #2 on production March 2004 Potential Reserves (Bcfe) – gross – 7-9 net Henderson offset Henderson discovery

21 Recap Right size to participate in meaningful exploration and acquisition projects Small enough to grow through drilling Strong cash flow, no debt and un-hedged Rising production profile from organic growth Solid 2003 drilling program Strong 2004 inventory and building momentum for 2005

22 C ONTACT I NFORMATION Paul Korus Cimarex Energy Co. 707 Seventeenth Street, Suite 3300 Denver, CO Phone (303) Fax (303)