Magnum Energy Inc. Announces Debt Settlement

Magnum Energy Inc. (TSX VENTURE:MEN) (the "Company") - 

Further to its February 18, 2009 news release, the Company is pleased to
announce that the TSX Venture Exchange has accepted for filing the Company's
proposal to issue 214,058 common shares at a deemed price per share of $0.30 per
share to settle $64,217.50 in debt with Red Tree Ventures Ltd. ("Red Tree"). All
of the common shares issued in connection with the debt settlement are subject
to a four month hold expiring on July 18, 2009.


In the event that the shares of Magnum do not trade at a price of $0.30 or more
within 12 months from the date of issuance of the shares, Magnum will pay to Red
Tree a cash amount equal to the difference in value between the highest trading
price and the sum of $0.30 per share multiplied by the number of share issued
hereunder. The potential cash payment to Red Tree will be subject to a minimum
price per share of $0.13 per share.


After giving effect to the debt settlement, the Company will have 25,143,572
common shares issued and outstanding.