The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor LLP are investigating potential legal claims against the Board of Directors of Ngas Resources, Inc. (?Ngas Resources? or ?NGAS?) (NASDAQ: NGAS) related to the proposed buyout of Ngas Resources by Magnum Hunter Resources Corporation (?Magnum Hunter?) (AMEX: MHR). The definitive acquisition agreement, which was announced on December 27, 2010, involves a total transaction valued at approximately $98 million under which Ngas Resources shareholders will receive a fixed ratio of 0.0846 shares of Magnum Hunter common stock for each share of Ngas Resources/NGAS common stock they hold.

The investigation relates to the fairness of the proposed transaction to Ngas Resources shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Ngas Resources for approving this transaction, and whether Ngas Resources' Board of Directors acted in the shareholders' best interests. This stock-for-stock transaction represents a value of only $0.55 per share to Ngas Resources' shareholders. Ngas Resources shares closed as high as $1.11 per share as recently as August 2, 2010, and at least one analyst has set a target price for Ngas Resources' shares at $1.00 per share. Based on these and other factors, the firms believe that the acquisition price may not be fair for the shareholders.

If you currently own shares of Ngas Resources/NGAS and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

Powers Taylor LLP
Patrick Powers, 877-728-9607
patrick@powerstaylor.com,
or
The Briscoe Law Firm, PLLC
Willie Briscoe, 877-397-5991
WBriscoe@TheBriscoeLawFirm.com