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AMERICAN STOCK EXCHANGE APPROVES LISTING FOR MAGNUM PETROLEUM, INC.

IRVING, Texas, March 8 /PRNewswire/ -- Magnum Petroleum, Inc. ("Magnum") announced today that it has received formal approval from the American Stock Exchange for the listing of 16,168,554 shares of Common Stock (11,607,958 current outstanding), $.002 par value; 625,000 shares of Series C Preferred Stock, $.001 par value; and 854,176 Warrants to Purchase Common Stock. This approval is a "graduation" for Magnum and removes the Company from the Emerging Company Marketplace ("ECM") listing.

Commenting on the approval from the American Stock Exchange, Gary C. Evans, President and CEO of Magnum, stated "It is with great pride that we now announce this significant milestone in the development of Magnum. This achievement is a reflection of the combined dedication and hard work of our management and employees. The relentless commitment of our people has created the financial fundamentals which have allowed this important event to occur. We are proud to have our securities traded on a national exchange. This will permit i) marginability of our stock with certain brokerage houses, ii) provides certain blue sky exemptions for trading our securities, and iii) exposure of our Company's listed securities to institutional investors who may not have otherwise viewed our securities as an investment opportunity."

Information on Magnum may now be accessed on the Company's Internet web site at "http://www.magnumhunter.com" to view or print copies of news releases, 10-Q and 10-K financial reports as filed with the SEC, recent research reports, as well as obtaining the latest stock price quotation on Magnum.

Magnum Petroleum, Inc. is an exploration and development company which, in combination with the recently acquired Hunter Resources, Inc. subsidiaries, is now engaged in four principal activities: (1) the acquisition, production and sale of crude oil, condensate and natural gas, (2) the gathering, transmission and marketing of natural gas; (3) the managing and operating of producing oil and natural gas properties for interest owners, and (4) providing consulting and U.S. export services to facilitate Latin American trade in energy products.
 -0- 3/8/96


/CONTACT: Matthew Lutz of Magnum Petroleum, 214-401-0752/

(MPM)

CO: Magnum Petroleum Inc. ST: Texas IN: OIL SU:

SK-MO -- LAF019 -- 1591 03/08/96 12:16 EST
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Publication:PR Newswire
Date:Mar 8, 1996
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