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Magnum Hunter Resources Corp | December 2013 Investor Presentation | Gary C. Evans | Page 57 of 11 | November 23, 2024

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56 MHR Net Asset Value* * See Appendix for information regarding NAV, PV-10 and Standardized Measure (1) Includes the proved reserves associated with the Burke County, ND properties (14,500 net acres) the subject of our previouslyannounced sale to Oasis Petroleum for $32.5 million cash, that closed in September 2013 (2) Approximate amount of undeveloped acreage as of November 1, 2013 (3) Based on MHR’s estimated total market valuation of Eureka Hunter Pipeline of between $750 million and $1.0 billion and MHR’s approximate 60% equity ownership of Eureka Hunter Pipeline (4) MHR’s estimated FMV of Alpha Hunter Drilling (5) Basic shares outstanding as of November 7, 2013 Assumptions Valuation ($ in thousands) Low High Low High Total Proved Reserves PV-10 (6/30/2013) (1) 666,369 666,369 Undeveloped Acreage (2) Low High Eagle Ford 6,000 $3,000 $5,000 $18,000 $30,000 Williston Basin U.S. 61,725 $3,000 $5,000 $185,175 $308,625 Williston Basin Canada 48,500 $1,000 $2,000 $48,500 $97,000 Marcellus 81,000 $5,000 $7,000 $405,000 $567,000 Utica - Wet 25,000 $10,000 $13,000 $250,000 $325,000 Utica - Dry 69,200 $8,000 $13,000 $553,600 $899,600 Other Appalachia 200,000 $50 $100 $10,000 $20,000 Total $1,470,275 $2,247,225 Certain Other Assets (9/30/2013) Eureka Hunter Pipeline - MHR Share of Estimated Total Market Value (3) $420,000 $570,000 Alpha Hunter Drilling (4) $20,000 $40,000 Total $440,000 $610,000 Total Asset Value $2,576,644 $3,523,594 Less (9/30/2013): Series C Preferred $100,000 $100,000 Series D Preferred $221,244 $221,244 Series E Preferred $95,069 $95,069 Senior Revolver Outstanding, net of cash $34,700 $34,700 Senior Notes $600,000 $600,000 Other Debt $16,100 $16,100 Total $1,067,113 $1,067,113 Net Asset Value $1,509,531 $2,456,481 Shares Outstanding (5) 171.0 171.0 Net Asset Value per Share $8.83 $14.37 $/acre