Cimarex Energy Co. DthDeutsche BBkank Leveraged Finance CCfonference October 2-4, 2007 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 Contact: or that these projections will be achieved, and actual Mark Burford results could differ materially from those projected Director of Capital Markets as a result of certain factors. A discussion of these Cimarex Energy Co. factors is included in the Company’s periodic reports 1700 Lincoln Street, Suite 1800 filed with the U.S. Securities and Exchange Denver, CO 80203 Commission.

2 Corporate Profile

Shares Outstanding……………… 83.1 MM Proved Reserves……………. 1.45 Tcfe

1 Market Cap ……………………...……... $3.2 B % Natural Gas ………………… 75%

2 Total Debt ……………...…………...…… $0.5 B % Proved developed……… 80%

Enterprise Value……………………. $3.7 B R/P Ratio……………………..…… 9.0x

2 Stockholders' Equity ………… $3.1 B TTM 6607-07 Production……… 162 Bcfe

Debt/Cap……………………………...…… 14% TTM 6-07 EBITDA…………… $907 MM

Quar ter ly diiddividen d o f$04/hf $.04/share

1 Using a $38.03 share price at 9/20/07. 2 As of June 30, 2007

3 $350 MM New Senior Unsecured Notes

• Issued in M ay 2 007

• 10-year, NC5

• 7.125%, 244 bps spread to Treasury

• Proceed used to redeem $195 MM 9.6% senior unsecured notes assumed in Magnum Hunter acquisition and repay bank debt

4 Capital Structure

Debt Structure (as of June 30, 2007) 1st Call Final Date Maturity

7.125% Senior Unsecured Notes ………………… $ 350 May '12 May '17 (1) Floating Rate Net Share Convertible Notes …… 125 Dec '08 Dec '23 Revolving bank credit facility……………………… - NA JlJul '10 $ 475

Stockholders' equity (2)……………………………… $ 3,096

Total Assets (2)………………………………………… $ 5,070

(1) Face value of the notes. At closing of the Magnum Hunter acquisition the notes were recorded at fair market value. (2) As of June 30, 2007.

5 Financial Statistics

Credit Stats

Total Debt/EBITDA (1)………………………………… 05x0.5x EBITDA/Total Interest (1)……………………………… 29.8x Debt/Proved Reserves ($/Mcfe) (2)………………… $0.34 Debt/Proved Prod. Reserves ($/Mcfe) (2)………… $0.42 Debt/Total Cap (3)……………………………………… 14%

Ratings S&P Moody's

Corppgorate rating BB- Ba3 Senior unsecured notes BB- B1

(1) Trailing twelve month (TTM) EBITDA & Interest and June 30, 2007 debt. (2) June 30, 2007 debt and year-end 2006 reserves (3) June 30, 2007 debt/total capitalization.

6 Credit Ratios

Total Debt / EBITDA EBITDA / Total Interest

Total Debt / Proved Reserves ($/Mcfe) Total Debt / Total Capitalization

Q2 2007 = June 30, 2007 debt/YE 2006 proved reserves

7 Overall Strategy

• Growth through the drill-bit

• Portfolio approach…blended risk

• Multiple basins, conventional & unconventional reservoirs

• Maintain a strong financial position

• High impact mergers and/or acquisitions

8 Growth in Proved Reserves

Magnum Hunter Merger

HP E&P/Key Merger

9 Growth in Production

10 Core Operating Areas

2006 Reserves – 1.45 Tcfe

80%

Mid-Continent

Permian QQ002 2007 Prod. 442. 6 MMcfe /d Gulf Coast

Gulf of Mexico 73%

11 E&D Capital Spending

2006A 2007E

E&D Investment $1.049 B Est. E&D Investment $1 B 32% High Risk Moderate 68% 22% High Risk Moderate 78%

12 Mid-Continent Region

Acreage 578,456 net So. Proved Res (YE 06) 595 Bcfe; 91% Gas Production (Q2 07) 183 MMcfe/d Hugoton • $400 MM total capital • Active Panhandle program Texas Panhandle – $200 MM, 115 wells, 5 rigs – Granite Wash formation Anadarko Basin – Multi-year inventory Arkoma • AdkAnadarko BBiasin – Red Fork/Clinton Lake core area – Testing deep Woodford shale concept • MltilMultiple low-rikisk expllittioitation projec ts – Texas Panhandle Panoma field – Southern Oklahoma fields

13 Permian Basin

Acreage 352,953 net Proved Res (YE 06) 563 Bcfe; 53% Gas Production (Q2 07) 142 MMcfe/d

• $300 MM total capital SE • Core southeast New Mexico Westbrook Morrow/Atoka gas program • Early stage new horizontal oil drilling projects 3rd Bone Spring – SE New Mexico Wolfcamp

– West Texas Bone Spring Will-O • Several field re-development and exploitation projects in West Texas

14 Onshore Gulf Coast

Acreage 129,400 net Proved Res (YE 06) 105 Bcfe; 73% Gas Production (Q2 07) 72 MMcfe/d

• $215 MM total capital • Continuing a multi-rig, moderate-risk S. Louisiana Miogyp/Marg tex program in Liberty County, TX – 3-D seismic driven Liberty County – 15-20 wells/year Yegua/Cook Mtn. – Expanding eastward S. Texas • South Texas: Early stage, moderate- Vicksburg/Frio risk exploration program Coastal Miocene • High-risk, high potential South Louisiana and Coastal Miocene areas – Currently re-working technical data

15 E&D Overview

• Emerging Key Projects – Texas Panhandle Granite Wash program – Third Bone Spring horizontal oil play in West Texas – Wolfcamp/Abo horizontal oil play in SE New Mexico – Woodford shale in Anadarko Basin

• Less Gulf of Mexico

• Less high risk drilling • Capital planning approach:

– Each region compiles an inventory of projects – Inventory is not a budget nor an authorization for expenditure – Throughout the year, each drilling decision is assessed with risked economics at current prices and costs – If the project continues to meet our return requirements, capital is committed

16 Production, Prices and O&G Sales

H1 2006 H1 2007 Production:

Oil (Bbls/d) 17,343 19,677 Gas (MMcf/d) 350 324 Equivalent (MMcfe/d) 454 442

Realized prices:

Oil (()$/Bbl) $62.79 $58.40 Gas Unhedged ($/Mcf) $6.72 $6.87 Gas Hedged ($/Mcf) $6.72 $7.01

17 Hedges

HEDGE POSITION

Se ttlemen t VlVolume Point (MMBtu/d) Floor Ceiling ($/MMBtu) 2007 Mid-Continent 80,000 $10.17 7.00 $

2008 Mid-Continent 40,000 $ 7.00 $ 9.90

2007 Settlments

Period M.C. Index Settlement ($/Mmbtu) ($ in millions) Q1 $6. 30 $ 5105.10 Q2 $6.54 3.40 Q3 $5.44 11.50 $ 20. 00

18 Earnings

($ in millions except per share amounts) H1 2006 H1 2007 Oil and gas sales $622.5 $619.2 Net income $193.0 $143.3 EPS – Basic $2.35 $1.74 EPS – Diluted $2.27 $1.69

Weighted average shares (MM): Basic 82.1 82.3 Dilut ed 84.9 84.7

19 Sources and Uses Highlights

($ in millions) H1 2006 H1 2007

Cas h flow from opera titions $ 463 . 0 $ 451 . 7 Asset sales (1) 5.6 21.5 E & D CAPEX (541.8) (473.2) Acquisitions (4 . 8) (0 . 3) Share repurchases/dividend (17.7) (12.4) Debt Increase 53.0 50.6 (1) Additional $80-100 MM by year-end; plus GOM being marketed

20 Balance Sheet

($ in millions, as of June 30, 2007)

Assets Liabilities and Stockholders' Eqqyuity

Current Assets (Cash $19.4)$ 397.9 Current Liabilities$ 355.1

Oil and Gas Properties, net 3,836.1 Debt 487.5

Goodwill 691.4 Deferred taxes and other 1,131.6

Other 145.1 Stockholders’ Equity 3,096.3 $ 5,070.5 $ 5,070.5

21 Key Investment Considerations

• Long track record of consistent profitable growth • Solid base of proved reserves – 80% proved developed; 9-year reserve life • Expanding and evolving drilling program – Low/moderate risk programs in the Mid-Continent and Permian Basin provide solid underpinning and predictable results – Horizontal drilling and unconventional resource plays taking on a bigger role • Strong Balance Sheet – Consistent with approach to the business • Experienced management team

22 Non-GAAP Reconciliation

Reconciliation of Net Income to EBITDA H1 TTM ($ in Millions) 2004 2005 2006 2007 6/30/07

Net Income $154 $328 $346 $143 $296 Income Tax Expense 93 188 199 83 169 Interest Expense 1 8 6 9 13 Amortization of Fair Value of Debt -- (2) (4) (2) (3) DD&A 124 258 396 222 433 EBITDA $372 $781 $943 $456 $907

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