IPAA Oil & Gas Investment Symposium London July 7, 2005

1. IPAA Oil & Gas Investment SymposiumLondonJuly 7, 2005

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 1934. 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. Magnum Hunter Acquisition • Merger closed June 7th • Transaction summary • Issued 39.5 million shares (doubles market cap) • Total shares outstanding 81.3 million • Assumed $590 million of debt • Doubles production • Triples proved reserves • Expands drilling program • Adds Permian Basin and Gulf of Mexico operations

4. Company Overview KS OK AR MS NM LA TX 1Assuming a $39 share price 2R/P Ratio = Reserves to production (PF 2004 Reserves to Q1 2005 PF production) PF-Pro Forma for the Magnum Hunter Resources Acquisition

5. Combined Company Core Operating Areas KS OK AR MS NM LA TX > $625 MM of 2005E PF Capital Q1 2005 PF Prod. 482.5 MMcfepd 2004 PF Reserves - 1,456 Bcfe

6. History/Track Record • Started in 1992 as Key Production Company, Inc. • Merger with Helmerich & Payne E & P in 2002, changed name to Cimarex Energy Co. • Acquired Magnum Hunter in June 2005

7. Consistent Growth in Reserves and Production Proved Reserves (Bcfe) Production (MMcfe/d)

8. Cimarex Strategy • Growth through the drill-bit • Rate of Return Driven • Reinvest cash flow in highest risked rate of return projects • Portfolio approach…blended risk and basin diversity • Lower risk: Permian and Mid-Continent regions • Higher risk/reward: Gulf Coast and Gulf of Mexico • Utilize decentralized exploration teams who are experts in their regions • Generate (vs. buy) our drilling inventory • Each team performs thorough review of predicted results to actual • Maintain a strong financial position • Drill through the cycles

9. Exploration Principles • Blended / moderate-risk exploration program • Internally generated drilling ideas • Multi-basin, lower-48 focus • Regional effort built upon local expertise • Integration between geology, land & engineering • Monitor results and provide continuous feedback

10. Operations Overview

11. Mid-Continent Basins Hugoton Panhandles/Shelf Mountain Front Anadarko Basin Arkoma

12. Panhandle Area – Roberts & Hemphill Counties Hemphill/Roberts Counties • Granite Wash – Lower Morrow • Depth: 11,000-13,000’ • CWC $2.0MM • Expected Reserves: 1.0-3.0 BCF 2005 moving to 4 Rig Program • Through 5-05 11 wells drilled; 45 wells planned for 2005 • MHR acquisition added 60 sections to Cimarex’s acreage position

13. Anadarko Basin Projects • Western Oklahoma Des Moines/Red Fork • Depth 12,000-14,000’; CWC $1.7-2.2 MM • Clinton Lake Atoka – E. Carpenter/Canute Area • Depth 15,000-16,000’; CWC $2.8-3.6 MM • Shallow Clinton Lake – Red Moon Area • Depth 13,000-13,500’; CWC $2.2-2.4 MM • Middle Atoka – Washita River Area • Depth 13,800-14,200’; CWC $2.4-2.6 MM • Expected Reserves 1-3 BCF per well; ROR’s 19-40% • 2005 CapEx: $102 MM, 150 gross wells

14. Permian Basin SE New Mexico Permian West Texas

15. Permian Basin Stratigraphic Column

16. Southeast New Mexico Projects Chavez • Focus is on Strawn, Atoka and Morrow formations • Depths in the 11,500’ to 13,750’ range • Typical reserves: 1-3 Bcfe per well Cimarex Magnum Hunter Star / Denton High Lonesome Buffalo Valley Eddy Kemnitz Burton Flats Happy Valley Indian Draw Malaga Lea Wagon Wheel S. Carlsbad & White City

17. West Texas Projects • Focus is on Ellenberger, Wolfcamp, and Devonian formations • Depths range from 2,500’ to 14,000’ • Utilize vertical and horizontal drilling • Typical per well reserve: 0.2-5 Bcf or 50-500 MBO Arbol de Nada / Mash / Goldsmith Fields Winkler/Ector Co. Suntura Field Terry Co. White & Baker/Nut Ranch/Yucca Butte areas Pecos Co. Will O Field Val Verde Co.

18. Gulf of Mexico Shallow Water Gulf of Mexico • 260 total blocks • 55 with proved reserves • WI range from 12.5-100%

19. Gulf Coast Projects Mississippi Salt Dome Trend Camerina/Miogyp Planulina Miocene Trends Yegua/Cook Mtn. W. Gueydan Field Hackberry Trend South Texas Vicksburg/Frio

20. Yegua/Cook Mountain – Liberty County Gas Well/Discovery New Location Dry Hole Hardin • 670 sq mi of 3D seismic data • Reprocessed 3D into one dataset, leading to expanded 2005 inventory • 2004: • 14 gross wells / 6.4 net • 10 of 14 successful • $25MM of capital • Aggressive 2005 program • 19 wells; $36MM • Mix of exploration and development Liberty Jefferson Trinity Raywood Chambers Harris Harris

21. Mississippi Multi-Dome 3-D Reprocessing DontDome Centerville Dome Kola Dome Eminence Dome Moselle Dome • Covington and Jones counties • A “new look” with curved-ray pre-stack time migration • Recent wells on Centerville and Dont Domes; Hosston interval • Ellzy 2 producing 300 Bopd • Speed 2 tested 350 Bopd • Eight more wells planned for 2005 • Two wells currently drilling

22. Investment Considerations • Well-balanced, diversified operations • Mid-Continent, Permian, Gulf Coast and Gulf of Mexico • Attractive asset base of proved reserves • 81% proved developed (pro forma) • 67% natural gas • 70% operated • Track record of consistent profitable growth • Proven technical expertise • 10-year production CAGR of 38% • Financially conservative • Magnum Hunter acquisition…better not just bigger • New low-moderate risk core area in the Permian Basin • Measured entrée into the Gulf of Mexico • Expanded drilling inventory

23. Contact Information Paul Korus Vice President and CFO Mark Burford Director of Capital Markets Cimarex Energy Co. 1700 Lincoln Street, Suite 1800 Denver, CO 80203 Phone (303) 295-3995 Fax (303) 285-9299 www.cimarex.com

24. IPAA Oil & Gas Investment SymposiumLondonJuly 7, 2005