updated 1/3/2011 1:46:56 PM ET 2011-01-03T18:46:56

OKLAHOMA CITY, Jan. 3, 2011 (GLOBE NEWSWIRE) -- The law firm of Federman & Sherwood has initiated an investigation into Ngas Resources (Nasdaq:NGAS) ("Ngas") with respect to possible breaches of fiduciary duty by the Company's officers and directors, as well as violations of state law in connection with its attempted sale of the Company to Magnum Hunter Resources Corporation (AMEX:MHR) ("Magnum Hunter").

Under the proposed terms of the sale, Ngas stockholders would receive 0.0846 per share of Magnum Hunter common stock per each share of Ngas stock they own, which would represent a value of $0.55 per shares to Ngas stockholders. The total transaction value would be approximately $98 million. Federman & Sherwood is investigating whether the proposed merger makes all necessary disclosures to its shareholders, whether it offers adequate value to the Company's shareholders, and whether the board of Ngas could have received a higher valuation for its shareholders by seeking other purchasers.

If you own common stock in Ngas Resources and wish to discuss this action, or have any questions or concerns regarding this notice or preservation of your rights, please contact our firm. Federman & Sherwood has extensive experience representing investors in securities, derivative and merger-related shareholder class actions.

CONTACT:  Federman & Sherwood
          William B. Federman
          (405) 235-1560
          10205 North Pennsylvania Avenue
          Oklahoma City, OK 73120

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