|Wednesday, January 26, 2000
Magnum Hunter Resources, Inc. announced that it has participated with Remington Oil & Gas in a new natural gas discovery in the Gulf of Mexico. The exploration discovery well was drilled in the shallow water shelf area of the U.S. Gulf of Mexico on East Cameron Block 364 by Ensco's jackup, Ensco 67. This new discovery was drilled to a total depth of 7,052 feet and encountered significant shows of natural gas in three separate intervals at depths between 6,500 feet and 7,000 feet. Magnum Hunter holds a 25 percent working interest in the discovery well and lease block. Remington Oil and Gas Corporation has a 75 percent working interest and is the operator. Development plans are underway to install a new production platform in late 2000. A second well is expected to spud on East Cameron 344 shortly.