Cimarex Energy Co. UBS Energy Conference May 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……………… 83.2 MM Proved Reserves……………. 1.45 Tcfe

1 Market Cap ……………………...……... $3.3 B % Natural Gas………………… 75%

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

Enterprise Value……………………. $3.8 B R/P Ratio……………………..…… 8.8x

2 Stockholders' Equity ………… $3.0 B 2006 Production…………….. 163.9 Bcfe

Debt/Cap……………………………...…… 14% 2006 EBITDA……………..…….. $942.6 MM

Quarterly dividend of $.04/share

1 Using a $39.40 share price at 4/30/07 2 As of March 31, 2007

3 Overall Strategy

• Growth through the drill-bit

• Portfolio approach…blended risk

• Multiple basins, conventional reservoirs

• Maintain a strong financial position

• High impact mergers and/or acquisitions

4 Growth in Proved Reserves

1,600

1,449 1,393 1,200 Magnum Hunter Acquisition 800 Bcfe HP E&P/Key Merger 400 409 422 449

154 0 2001 2002 2003 2004 2005 2006

5 Growth in Production

500 450-470

449 400

354 300 MMcfe/d 200 217 180 100 132 71 0 2001 2002 2003 2004 2005 2006 2007E

6 Core Operating Areas

2006 Reserves – 1.45 Tcfe

Mid-Continent 41% 80%

Western / Other Mid-Continent 10% Gulf of Mexico 3% Permian 39% Gulf Coast 7%

Permian Q1 2007 Prod. 441.5 MMcfe/d Western / Gulf Coast Other 2% Mid- Gulf of Continent Mexico Gulf of Mexico 41% 9% 72% Gulf Coast 17%

Permian 31%

7 E&D Capital Spending

2006A 2007E Western / Western / Other Other 3% 3% Mid- Mid- Gulf of Continent Gulf of Continent Mexico 33% Mexico 37% 13% 8%

Gulf Coast Gulf Coast 20% Permian 24% 31% Permian 28%

E&D $924 E&D $800 Exploitation 125 Exploitation 100 $1,049 $900 32% High Risk Moderate 68% 22% High Risk Moderate 78%

8 Mid-Continent Region

Acreage 578,456 net So. Proved Res (YE 06) 595 Bcfe; 91% Gas Production (Q1 07) 183 MMcfe/d Hugoton • Active Panhandle program Panhandles/Shelf • Continued focus in the Anadarko Basin Mountain Front

• Multiple low-risk exploitation projects Anadarko Basin

Arkoma 2007E E&D Capital Summary Gross Capital Wells ($ MM) Anadarko 60 Panhandle 90 S. Okla 25 Mt. Front/Arkoma 10 Exploitation 40 225 $ 330

9 Texas Panhandle Area

2006 Drilling • Highly economic, PRODUCING DRY predictable results • 52,200 gross acres; 35,400 net • Drilled 86 gross wells in 2006; 98% success rate ROBERTS HEMPHILL • 2007: >100 wells / $200MM • Five rigs currently running • Well statistics: Granite Wash – Lower Morrow Depths: 11,000-13,000’ EUR: 1.0-2.0 Bcfe IP rate: 1.5 MMcfe/d

10 Permian Basin

Acreage 352,953 net Proved Res (YE 06) 563 Bcfe; 53% Gas Production (Q1 07) 139 MMcfe/d

• Active SE Morrow/Atoka drilling program Midland Basin

st • Expanding field re-development we rth o elf and exploitation projects in N Sh West Texas Central Basin Platform Delaware Basin

2007E E&D Capital Summary Gross Capital Val Verde Basin Wells ($ MM) SE New Mexico 100 West Texas 50 Exploitation 60 210 $ 255

11 Southeast New Mexico

2006 Drilling • Drilled 69 gross wells in 2006; 94% successful • 2007: ~100 wells / $175MM • Morrow, Atoka, Strawn and Bone Spring formations Depths: Generally 11,500’– 14,000’ EUR: 1-3 Bcfe IP rate: 1-3 MMcfe/d

• Significant 2006 wells:

Trinity 20 Federal (63% WI) 4.0 MMcfe/d Adrianne 6 Fed 1 (100% WI) 3.0 MMcfe/d Ozley 25 (100% WI) 2.8 MMcfe/d Parks 1 (63% WI) 2.6 MMcfe/d Quail Ridge 32 State 2 (100% WI) 2.3 MMcfe/d

12 Permian – West Texas

•Ellenburger, Devonian, Clearfork and Bone Spring formations Arbol de Nada Westbrook Arbol De Nada Horizontal Devonian oil play Spraberry Will-O Ellenburger War-Wink Fractured, tight Dolomite Will-O 15,000’ depth War-Wink 3rd Bone Spring 10,500’ to 11,500’ vertical depth 1,300’ to 4,000’ laterals

13 War-Wink

• Horizontal oil play - 3rd Bone Spring

― Planning 15-20 re-entry or new wells horizontal wells in 2007 6 Re-entires in 2006 ― 10,500’ to 11,500’ vertical depth 32 Laterals Ultimate: ^_ 1,300’ to 4,000’ laterals 28 Re-entries + 4 New Drills ― Targeting 150-200 MBoe ― New low-risk play with ^_ predictable/repeatable results ^_ ― Initiating other look-alike projects in the basin ^_ ^_

^_

14 Gulf Coast

Acreage 129,400 net Proved Res (YE 06) 105 Bcfe; 73% Gas Production (Q1 07) 74 MMcfe/d Mississippi Salt Basin • Continuing a multi-rig, moderate-risk program in Liberty County, TX S. Louisiana Miogyp/Marg tex • Restarting core S. Louisiana exploration program Liberty County • Commencing high potential Coastal Yegua/Cook Mtn. Miocene exploration program S. Texas 2007E E&D Capital Summary Vicksburg/Frio Gross Capital Coastal Wells ($ MM) Miocene S. Louisiana 8 S. Texas 12 Liberty County 18 MS Salt Basin 5 Coastal Miocene 5 48 $ 215

15 Liberty County - Yegua/Cook Mountain

• Moderate-risk, 3D seismic 2006 Drilling driven program • Targeting the Yegua/Cook Mountain formations at 10,500’ • 2006 drilling totaled 14 wells of which nine were discoveries • Two operated rigs currently drilling • 18 wells planned for 2007 • Typical wells are 3-5 Bcfe

16 High-Risk/Potential Program

Gross Reserves Project Unrisked Risked (Bcfe) South Louisiana: Nonion Struma (3 prospects) 95 30 Miogyp (4 prospects) 80 25 Marg tex (10 prospects) 275 90 Coastal Miocene - Coquille Point 80 25 530 170

17 Gulf of Mexico

Acreage 407,700 net Proved Res (YE 06) 44 Bcfe; 86% Gas Production (Q1 07) 38 MMcfe/d Gulfport Louisiana Baton Rouge Lake Charles New • Interests in 167 blocks (783 M Lafayette Orleans gross acres) Beaumont

East Main Pass • Evaluate existing acreage Cameron Vermillion West Cameron South MH Gulf of Mexico Map.jpg blocks to identify potentially Marsh Island Eugene South Island Ship Timbalier High Shoal Grand high impact projects Isle Island

• May complement low-moderate Cimarex leases Ewing Bank risk onshore program Green Canyon

• Rationalize Main Pass area Gulf of Mexico operations

MP 99

18 Potential New Ventures

• Option acres acquired with Magnum Hunter – 6 MM net option acres – 2.8 MM net acres exercised

• Pursuing variety of project types from conventional drilling to resource plays

Counties with option acreage

19 Emerging Plays

Plays

• Albuquerque Basin – Basin centered gas play • Permian Basin- Wolf Camp • Oklahoma - Horizontal Woodford Shale

20 Drilling Program

Risk Profile Emerging Plays: Albuquerque Basin S. Lousiana- Lousiana State Woodford Shale Waters Permian Wolfcamp High Miogyp, Mar tex Others and Nonion Coastal Miocene Struma Trend

Medium Liberty County, S. Texas West Texas TX- Frio/Vicksburg Deep Yegua/Cook Ellenburger Mountain

Texas Panhandle - S.E. New West Texas - Low Granite Wash, Mexico - Horizontal Bone Morrow Morrow, Atoka, Spring oil play Bone Spring

21 Pro Forma Capitalization

As of March 31, 2007 ($ in millions) Actual Pro Forma

Cash and cash equivalents $ 7.4 $ 7.4 Long-term debt: Revolving credit facility $ 161.0 $ 21.5 9.6% senior notes due 20121 210.0 -- 7.125% senior notes due 2017 -- 350.0 Floating rate net share convertible notes due 2023 137.7 137.7 Total long-term debt $ 508.7 $ 509.2 Total stockholders’ equity 3,019.5 3,023.2 Total capitalization $ 3,528.2 $ 3,532.4

Debt/Total Capitalization 14% 14%

1 Face value of notes is $195 million. At closing of the Magnum Hunter acquisition the notes were recorded at fair market value.

22 Key Investment Considerations

• Long track record of consistent profitable growth

• Solid base of proved reserves – 80% proved developed; reserve life of 8.8 years – Geographically diverse core producing areas in the Mid-Continent, Permian Basin and Gulf Coast regions • Well positioned for organic growth – Diversified and expanding drilling program – Portfolio approach mitigates long-term risks • Strong Balance Sheet – Consistent with approach to the business • Attractive stock price valuation

23 Non-GAAP Reconciliation

Reconciliation of Net Income to EBITDA ($ in Millions) 2004 2005 2006

Net Income $153.6 $328.3 $345.7 Income Tax Expense 92.7 188.1 198.6 Interest Expense 1.1 7.9 5.7 Amortization of Fair Value of Debt -- (2.1) (3.8) Depreciation, Depletion and Amortization 124.2 258.3 396.4 EBITDA $371.6 $780.5 $942.6

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