Cimarex Energy Announces Second-Quarter 2003 Earnings of $0.50 Per Share.

Denver, Colorado – August 6, 2003 – Cimarex Energy Co. (NYSE:XEC) today reported second-quarter 2003 net income of $21.0 million, or $0.50 per diluted share. This compares to second-quarter 2002 net income of $9.8 million, or $0.37 per diluted share.

Revenues from oil and gas sales in the second quarter of 2003 were $74.1 million, compared to $32.8 million in the same period of 2002. Cash flow from operations for the second quarter of 2003 was $48.4 million, versus $25.0 million in the same period of 2002.⁽¹⁾ Revenues and cash flow in the second quarter of 2003 were positively impacted by a 48 percent increase in production volumes and 62 percent increase in gas prices.

Total gas and oil production volumes averaged 172 million cubic feet (MMcf) equivalent per day during the second quarter of 2003, versus 117 MMcf equivalent per day a year earlier. Second quarter 2003 gas production was 132 MMcf per day and oil production averaged 6,650 barrels per day. The increase in production volumes is principally attributable to the acquisition of Key Production Company, Inc. on September 30, 2002. The accompanying tables detail quarterly and year-to-date production volumes and average realized prices.

Capital expenditures for exploration and development during the second quarter of 2003 totaled $30.4 million, up from $16.4 million for the second quarter 2002. Increased capital expenditures reflect expansion of the Company’s organizational capacity to generate organic growth opportunities.

In addition to increasing capital investment, strong cash flows from operations enabled the Company to pay off its remaining bank debt and build a cash balance of $47.5 million as of June 30, 2003.

Year-to-Date 2003

For the first six months of 2003, Cimarex reported net income of $53.8 million, or $1.28 per diluted share. This compares to net income in the first six months of 2002 of $14.1 million, or $0.53 per share.

Revenues from oil and gas sales for the first six months of 2003 were $163.9 million. For the same period of 2002, oil and gas sales were $56.0 million. Cash flow from operations increased to $114.0 million for the six months ended June 30, 2003, from $40.7 million in the same period of 2002.⁽¹⁾ The increases reflect 50 percent higher production volumes, 112 percent higher gas prices, and 20 percent higher oil prices.

Capital expenditures for exploration and development during the first six months of 2003 were $57.4 million, up from $28.8 million during the first two quarters of 2002. The Company drilled 74 wells during the first six months of 2003 and expects to drill 134 wells in the second half. Total capital expenditures for exploration and development are currently projected to total $150-$155 million.

⁽¹⁾Cash Flow from Operations is a non-GAAP financial measure that represents “Net Cash Provided By Operating Activities” adjusted for the change in operating assets and liabilities. See below for a reconciliation of the related amounts.

Conference call and web cast

The second quarter earnings conference call has been scheduled for 11 a.m. Mountain Time (1 p.m. Eastern), Wednesday, August 6, 2003. Interested parties in the U.S. and Canada may access the call by dialing (800) 881-5262 and requesting the Cimarex Energy Co. teleconference. In addition, a listen-only web cast of the call will be provided at www.cimarex.com. Please go to the website at least ten minutes early to register and to download any necessary audio software. If you are unable to participate in the live broadcast of the call, an audio replay will be available by dialing (800) 642-1687 and entering conference code 1537353.

Cimarex Energy Co. is an independent natural gas and crude oil exploration and production company with operations focused in the Mid-Continent and Gulf Coast regions of the U.S.

This news release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the Company’s current view with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the Company’s annual report on Form 10-K filed for the year ended December 31, 2002, and the report filed on Form 10-Q for the quarter ended March 31, 2003.