Magnum Hunter Updates Its Gulf of Mexico Activities

Magnum Hunter Resources has participated in six new exploration field discoveries on the shelf in the Gulf of Mexico.

West Cameron 457 recently tested at production rates of 13 MMcfe per day and is in the process of being tied back to the Company's West Cameron 458 discovery via a subsea completion. The production platform at West Cameron 458 should be installed sometime during the second quarter of 2004. The West Cameron 458 well will be completed at that time and up to three additional wells are currently planned to be drilled this year from this new facility. First production from these new discoveries are expected to come on line during the early third quarter of 2004. Magnum Hunter owns a 40% working interest in both of these lease blocks. Remington Oil and Gas owns the remaining 60% working interest and operates both blocks.

Another discovery at Ship Shoal 322 was drilled at the end of 2003 and tested at that time at a rate of up to 20 Mmcfe per day. The well was a subsea completion with first production expected this month. Magnum Hunter owns a 25% working interest in this lease block and Remington Oil and Gas, Inc. owns a 50% working interest and is the operator.

Magnum Hunter also owns a 50% working interest in a new discovery drilled in February 2004 at Eugene Island 304. This well will be a subsea completion which will be tied back to our Eugene Island 302 existing platform. First production is anticipated sometime during the second quarter of 2004. Remington Oil and Gas, Inc. owns the remaining 50% working interest and operates these two lease blocks.

Two wells were recently drilled from Vermilion Block 61; one at the end of last year and one in January of 2004. One of these two new wells reached total depth and was completed on an adjacent lease block at East Cameron 73. First production is anticipated at approximately 19 Mmcfe per day before the end of March 2004. Magnum Hunter owns a 25% working interest in both lease blocks. Remington owns a 50% working interest in these lease blocks and is the operator.

Updates on previous discoveries include new production that has recently been put on line during the first quarter of 2004 at West Cameron 403 where Magnum Hunter owns a 40% working interest. Current production is averaging 14.5 Mmcfe per day. Additionally, West Cameron 472 is scheduled to go on production during the second quarter of 2004 were Magnum Hunter owns a 50% working interest. Remington Oil & Gas, Inc. owns the remaining working interest in these two lease blocks and is the operator.

A platform was set on Ship Shoal 358 at the end of last year after the first well was drilled and completed successfully. A second well from the facility is in the process of being drilled. Magnum Hunter owns a 15% working interest in this new well and ATP Oil & Gas Corporation owns approximately 51% working interest and is the operator. First sales of production are expected this week. A total of two additional wells are currently planned to be drilled from this new platform.

Two wells have recently been completed on Eugene Island 355 from discoveries made in August and October of 2002. Anticipated first production is expected prior to the end of this month. Magnum Hunter owns a 33.33% working interest in this lease block. Hunt Oil Company owns the remaining working interest in this lease block and is the operator.

The nine project areas along with Magnum Hunter's ownership position are listed below:
  • West Cameron 457 (40% W.I.)
  • West Cameron 458 (40% W.I.)
  • Ship Shoal 322 (25% W.I.)
  • Eugene Island 304 (50% W.I.)
  • West Cameron 472 (50% W.I.)
  • Vermilion 61 (25% W.I.)
  • Ship Shoal 358 (15% W.I.)
  • Eugene Island 355 (33.33% W.I.)
  • East Cameron 73 (25% W.I.)
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