Remington Apparent High Bidder on 21 GoM Offshore Lease Blocks

Remington Oil and Gas was the apparent high bidder on twenty-one offshore lease blocks at the OCS Sale 194 held in New Orleans, Louisiana, today. The Company's net financial exposure, if all blocks are awarded, totals $9.7 million. Remington will operate all 21 blocks if awarded.

Of the 21 lease blocks, 13 lease blocks were in water depths that varied from 50 feet to 450 feet, and 8 lease blocks were in water depths that varied from 1,400 feet to 2,400 feet.

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