Magnum Hunter Commences GOM Production

Magnum Hunter Resources announced significant new production from East Cameron Block 184, South Timbalier Block 274, and Eugene Island Block 397, all located on the Outer Continental Shelf of the Gulf of Mexico.

East Cameron Block 184 is located 100 miles southwest of Iberia, Louisiana in approximately 90 feet of water. Two new wells were recently placed on production from a depth of approximately 11,500 feet at the aggregate rate of 36 million cubic feet of natural gas per day (MMcf/d) and 1,050 barrels of oil per day (Bopd). Magnum Hunter owns a 30% working interest in the two wells and three leases which include Blocks 179, 184, and 185. Remington Oil and Gas Corporation (Nasdaq: ROIL; PCX: REM.P) is operator with a 57.5% working interest and Wiser Oil Co. (NYSE: WZR) owns the remaining 12.5%.

South Timbalier block 274 is located 90 miles south of New Orleans, Louisiana in approximately 260 feet of water. A new well was recently placed on production from a depth of approximately 12,500 feet at the rate of 10 MMcf/d and 1,056 Bopd. Magnum Hunter has a 10% working interest in the well. Spinnaker Exploration Company is operator with a 90% working interest. The drilling rig was recently skidded on the platform and is now drilling a new exploration well onto South Timbalier Block 275 where Magnum Hunter and Spinnaker each have a 50% working interest.

Eugene Island Block 397 is located 140 miles South of Iberia, Louisiana in approximately 470 feet of water. The A-1 well was completed flowing 1,000 Bopd and 444 thousand cubic feet of gas per day. The A-2 well is in the process of completion. There are plans to drill up to five additional wells from the 12 slot platform during 2002. Magnum Hunter has a 12.5% working interest in Eugene Island Block 397. W & T Offshore is operator with a 50% working interest. Remington Oil & Gas Corporation owns the remaining 37.5% working interest.

Magnum Hunter, as operator and with a 50% working interest, is in the process of plugging its recently drilled Main Pass Block 232 #1 well after drilling to a total depth of 11,600 feet. Remington Oil & Gas Corporation owns the remaining 50% working interest in this well.


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