At Vermillion 137, Remington's bid of $1.428 million was not the high bid. The Vermillion 136 #1 well adjacent to this lease was drilled to 18,439 feet. Tests on two zones within the wellbore were unsuccessful. The well will be temporarily abandoned for possible future use in evaluating the prospect. Remington is the operator of this well with a 60% working interest and Magnum Hunter Resources holds the remaining 40% working interest.
James A. Watt, President and Chief Executive Officer stated, "We are pleased to acquire 25 additional 3-D defined blocks in the offshore shelf. These blocks will complement our existing prospect inventory adding both low- risk, lower-potential prospects, along with deeper, higher-risk higher- potential prospects."
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