Remington Operational Update

Remington Oil and Gas Corporation announced an operational update that includes drilling results from the Green Canyon 48 #1 well that confirms the previously announced Eugene Island 397 oil discovery.

Drilling and logging operations at the company's Green Canyon Block 48 #1 well have been finalized. The OCS-G 16680 #1, located in 472 feet of water, was directionally drilled to a measured depth of 10,370 feet from a surface location on Eugene Island Block 397 to a bottom hole location on Green Canyon Block 48. Wireline logs and sidewall core analyses indicate over 100 feet of apparent oil and gas pay in three sand intervals. This well encountered the target sands 1.5 miles south and over 1,100 feet structurally below the lowest known hydrocarbon bearing sand logged in the initial discovery located on Eugene Island 397. Development plans are underway for this new discovery that includes Eugene Island Block 397 and Green Canyon Blocks 4 and 48. Remington owns a 37.5% working interest in this new field that is operated by W&T Offshore, Inc. with a 50% working interest. Magnum Hunter Resources, Inc. owns the remaining 12.5% working interest.

Production testing at the West Cameron Block 170 #3 exploratory well has yielded a rate of 21 Mmcfg and 2,100 barrels of oil per day. The #3 was drilled to 15,880 feet measured depth and logged 170 feet of apparent oil and gas pay in six sand intervals. Installation of a caisson structure has been completed and flowline installation is expected by year end. Remington owns a 42% working interest in the #3 well. Nexen Petroleum USA, Inc. operates and owns a 56% working interest in this well.


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