Fremont Petroleum Corporation Ltd. announced that following extensive due diligence and a competitive bid process it will acquire 100% of Magnum Hunter Production Inc, the operator of approximately 1,300 long life, low decline conventional natural gas wells located in Kentucky, Virginia and Tennessee spread across both the Illinois and Appalachian Basins. MHP's leases, which are all held by production, cover approximately 100,000 acres. This is a transformational acquisition and consistent with FPL's strategy, articulated since mid-2020, which is to acquire under-performing conventional oil & gas leases with immediate production upside achieved from low-cost workovers and re-stimulation and delivering improved return on investment (ROI). MHP meets these all of these characteristics.