Cimarex Energy Co. today announced that second-quarter 2007 oil and gas production volumes averaged 442.6 million cubic feet equivalent per day (MMcfe/d). The current quarter's average daily production was comprised of 323.8 million cubic feet of gas and 19,800 barrels of oil.

Second-quarter prices are expected to be in the range of $7.25 to $7.35 per thousand cubic feet of gas and $61.25 to $61.75 per barrel of oil.

Exploration and Development Activity

Cimarex drilled 225 gross (137 net) wells during the first six months of 2007, completing 91% as producers. Drilling activity remains high with 22 operated rigs currently running. Exploration and development activity is focused on oil and gas plays principally located in the Mid-Continent, Permian Basin and Gulf Coast areas of the United States. Cimarex's exploration and development capital investment for 2007 is projected to be approximately $1 billion.

Mid-Continent

Cimarex drilled 125 gross (65 net) wells in the Mid-Continent region during the first half of 2007, completing 95% as producers. Second-quarter 2007 Mid-Continent production volumes averaged 182.3 MMcfe/d, an increase of 2% over second-quarter 2006.

Texas Panhandle drilling totaled 47 gross (31 net) wells with 100% completed as producers. Notable wells which commenced production this quarter include the Byrum 12-4 (75% working interest) at 2.1 MMcfe/d, Flowers 15-61 (100% working interest) at 1.7 MMcfe/d and the Hobart Ranch 18-68 (100% working interest) at 2.4 MMcfe/d.

First-half 2007 southern Oklahoma drilling totaled ten (seven net) wells with 100% being completed as producers. Drilling occurred in the Eola Robberson and Cumberland fields targeting multiple reservoirs at depths of 6,000-11,000 feet including the Sycamore, Woodford Shale, Hunton and Viola formations. Wells in this area recently commencing production include the Dutton 4-16 (l00% working interest) at 1.2 MMcfe/d, Mckee 2-17 (100% working interest) at 1.7 MMcfe/d and the Mullican 1-11 (98% working interest) at 4.0 MMcfe/d.

Nine operated rigs are currently drilling in the Mid-Continent region, including five in the Texas Panhandle.