DEBTWIRE BROADCAST: MAGNUM HUNTER’S BANKRUPTCY PLAN SLASHES FUNDED DEBT TO ZERO… SO WHAT’S THE CATCH? Debtwire’s team of reporters and analysts host a roundtable discussion to explore Magnum Hunter’s plan to eliminate its entire prepetition funded debtload, as well as highlight how the deal architects potentially skirted some of the stumbling blocks that cropped up in other recent court proceedings. | 17 December 2015

AGENDA Opening Remarks: Kate Marino The Eureka Factor: Alexander Gladstone Case Overview Financial Analysis: Thomas Rorick First Day Hearing: Patrick Holohan Legal Analysis: Richard M. Goldman Concluding remarks: Alexander Gladstone What’s next?

THE EUREKA FACTOR: CASE OVERVIEW Magnum Hunter’s bankruptcy filing: Oil price decline prompts capex curtailment, liquidity crisis Strategic options center on stake in Eureka Hunter Holdings Failure to achieve asset sales Status of second lien claim on Eureka Second lien and unsecured holders collaborate on rescue loan to buy time

FINANCIAL ANALYSIS: ADJUSTED CAPITAL STRUCTURE PRO FORMA ADJUSTED SUMMARY CAPITAL STRUCTURE (USD m)  Capital Structure as of 15 Dec. 2015 Coupon Face Amount Market Amount Adj. Pro Forma Face Amount Price Yield Maturity 2016P Pro Forma Face Leverage DIP Term Loan Facility 1 L+ 8.0% 200 - (200) 15 Apr 2016   First Lien Bridge Financing Facility 2 L + 4.0% 70 (70) 15 Dec 2015 Equipment & real estate notes payable 4.25% - 8.7% 13 2016-2024 5.7x Second lien term loan 3 L + 7.5% 337 195 (337) 58.0 26.9% 22 Oct 2019 Total secured debt 420 278 (607) Senior unsecured notes 9.75% 600 189 (600) 31.5 48.9% 15 May 2020 Total debt 1,020 467 (1,207) Cash and cash equivalents 2 (1) 1 Net debt 1,018 465 12 5.2x Liquidation Preference Series C cumulative perpetual preferred stock 4 $25 100 (100) $0.18 Series D cumulative preferred stock 4 $50 221 (221) $0.10 Series E cumulative convertible preferred stock 4 95 (95) $0.02 Market value of common stock 5 4 884 888 Enterprise value 1,438 471 900 LTM Adjusted EBITDAX 48 2016P Adjusted EBITDAX Asset Retirement Obligations USD 28m 1) The DIP Term Loan Facility is subject to a 1% Libor floor. The DIP Term Loan facility will mature the earlier of a) nine months after the closing date, b) 30 days after entering into the Interim DIP Order approving the DIP Facility if the Final DIP Order has not been entered into by the Bankruptcy Court prior to the 30 day period, c) effective date of plan of reorganization or liquidation or d) termination by the DIP Facility Lenders following an event of default. 2) Absent an event of default the Bridge Financing Facility is due on the earlier of 30 December 2015 or the filing of a Chapter 11 case. 3) The second-lien term loan is subject to a 1% LIBOR floor. 4) On 9 October, MHR suspended the monthly dividends on its preferred stock. Unpaid dividends will continue to accumulate from 31 October and afterward. 5) Under the RSA, the total enterprise value assumed is USD 900m. Sources: SEC Filings, MarketAxess, Markit, Debtwire Analytics, FINRA.

FINANCIAL ANALYSIS: DIP FINANCING SOURCES & USES Sources Uses DIP Term Loan Facility 200 Repayment of First Lien Bridge Financing Facility 70   Commitment fee 4 Cash collateralize letters of credit 39 General unsecured claims 67 Cash used during bankruptcy 20 Total Sources Total Uses PLAN RECOVERIES (USDm) Class Portion of New Common Equity Value of Equity Received Claim Estimated Recoveries DIP Lenders 1 31.800% 212 200 107.8% Second Lien Lenders 36.9% 245 341 71.9% Senior Noteholders 31.3% 208 632 33.0% 1) Our recovery for DIP Lenders includes the 3% Backstop Fee payable in New Common Equity. Sources: 3Q15 10-Q Report, Court Filings, Debtwire Analytics.

FINANCIAL ANALYSIS: CASH BUDGET USD m Fcst Week 1 12/18/15 Fcst Week 2 12/25/15 Fcst Week 3 1/1/16 Fcst Week 4 1/8/16 Fcst Week 5 1/15/16 Fcst Week 6 1/22/16 Fcst Week 7 1/29/16 Fcst Week 8 2/5/16 Fcst Week 9 2/12/16 Fcst Week 10 2/19/16 Fcst Week 11 2/26/16 Fcst Week 12 3/4/16 Fcst Week 13 3/11/16 Beginning Cash - 40 37 30 23 33 29 28 21 20 4 DIP Draw 96 1st Lien Roll-up (70) Net Operating Receipts 3 1 5 Net Operating Disbursements (1) (0) (3) (4) (5) Total Capital Expenditures (2) Ch.11 Relief / Financing Costs / Other (6) (9) (11) Ending Cash Balance Source: Interim DIP Order.

FINANCIAL ANALYSIS: MGT. PROJECTIONS $ in millions, except pricing data) Q1 2016 Q2 2016 Q3 2016 Q4 2016 FY 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 FY 2017 FY 2018 FY 2019 FY 2020 Net Production   Oil (Boe) 0.2 0.7 0.1 0.6 0.5 0.4 Gas (Bcf) 7.0 7.5 7.8 8.3 30.5 9.1 8.0 7.2 10.3 34.6 47.7 60.4 74.7 NGL (Mboe) 0.3 1.1 0.9 0.8 Total Net Production (Bcfe) 9.8 10.4 10.5 10.9 41.5 11.4 10.2 9.3 12.5 43.5 55.4 66.9 81.2 Realized Prices Oil ($/Bbl) $36.22 $37.99 $39.07 $40.04 $38.27 $40.97 $41.74 $42.45 $43.20 $42.06 $44.62 $46.41 $47.59 Gas ($/Mcf) $2.08 $2.06 $2.14 $2.24 $2.13 $2.68 $2.48 $2.54 $2.66 $2.60 $2.76 $2.87 NGL ($/Bbl) $13.96 $14.52 $14.85 $15.14 $14.61 $15.42 $15.64 $15.85 $16.09 $15.74 $16.50 $17.04 $17.40 Cash Flows Oil 7 27 6 24 21 19 18 Gas 15 17 65 20 28 90 127 167 214 NGL 4 3 14 13 12 Total Oil & Gas Revenue 25 29 108 34 37 128 161 197 245 Other Revenue-Oilfield Services 2 11 9 16 Total Revenue 30 31 120 36 32 39 137 178 261 Operating Expense-Upstream 81 77 86 93 107 Operating Expense-Oilfield Services 8 G&A Expenses 117 26 110 126 133 146 EBITDAX (1) (0) 1 5 10 52 115 Capex-Williston Hunter -- Capex-Triad (12) (6) (41) (17) (42) (33) (97) (105) (101) (111) Capex-MH Production Capex-Alpha Hunter Drilling Discretionary Cash Flow (13) (11) (10) (39) (37) (23) (70) (53) (21) Working Capital (2) (3) (4) Other Free Cash Flow Items Unlevered Free Cash Flow (14) (7) (43) (5) (34) (61) (65) (20) Source: Lender Presentation.

LEGAL ANALYSIS Debtor in possession financing Restructuring support agreement Industry comps – Samson Resources and Sabine Oil & Gas Throwing a wrench in the works

CONCLUDING REMARKS: WHAT’S NEXT? What happens to Eureka stake? How can Magnum generate value for post-reorg equity holders?

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