Magnum Energy Announces Private Placements of Flow-Through Financings Totalling $1,935,960

MAGNUM ENERGY INC. (the "Company") (TSX VENTURE:MEN) is pleased to announce the
closing of the second tranche of its private placement (the "Private Placement")
announced in its news release dated December 2nd, 2009. Pursuant to the Private
Placement, the Company issued a total of 3,795,999 flow-through shares (the
"Flow-Through Shares") at a price of $0.51 per Unit for gross proceeds of
$1,935,960.


Finder's fees of $102,082 were paid in accordance with the policies of the TSX
Venture Exchange.


All securities issued pursuant to the private placement are subject to hold
periods expiring between April 11 and 17, 2010.


The Company is currently in the process of re-entering or recompleting eight
wells in the Sedalia area which will be performed prior to the end of December.
Two additional wells will be drilled, also in the Sedalia area, early in 2010.
Magnum is currently reviewing its lands and drilling opportunities to determine
the locations for additional drilling or re-entry opportunities to incur the
balance of qualifying flow-through expenditures.


ON BEHALF OF THE COMPANY

Richard A. Nemeth, President

Forward Looking Statements:

Some of the statements contained herein may be forward-looking statements which
involve known and unknown risks and uncertainties. Without limitation,
statements regarding potential mineralization and resources, exploration
results, and future plans and objectives of the Company are forward looking
statements that involve various risks. The following are important factors that
could cause the Company's actual results to differ materially from those
expressed or implied by such forward looking statements: changes in the world
wide price of mineral commodities, general market conditions, risks inherent in
mineral exploration, risks associated with development, construction and mining
operations, the uncertainty of future profitability and the uncertainty of
access to additional capital. There can be no assurance that forward-looking
statements will prove to be accurate as actual results and future events may
differ materially from those anticipated in such statements. The Company
undertakes no obligation to update such forward-looking statements if
circumstances or management's estimates or opinions should change. The reader is
cautioned not to place undue reliance on such forward-looking statements.