Remington Oil & Gas Starts Production

Remington has commenced production from its operated East Cameron Block 364 discovery, located 110 miles offshore Louisiana in 373' water. This field, discovered in January 2000, is currently producing 16 MMcfg/day from two wells. Remington installed a three slot platform in October 2000 and then drilled the OCS-G 21080 ##A-2 well that discovered gas bearing sands in a fault block adjacent to the company's discovery well drilled last January. Additional exploratory drilling opportunities have been identified on block 364 that will be pursued at a later date. Remington owns a 75% working interest in block 364 with the remaining 25% owned by Magnum Hunter Resources, Inc.

Production from the West Cameron Block 170 ##3 (renamed the C-1) exploratory well has commenced at a rate of 24 MMcfg and 1,382 barrels of oil per day. The C-1 was drilled to 15,880' measured depth and logged 170' oil and gas pay in six sand intervals. Additional drilling on block 170 is scheduled for early first quarter 2001. Remington owns a 42% working interest in the C-1 well that is operated by Nexen Petroleum USA, Inc. which holds the remaining working interest.

At Eugene Island Block 135, offshore Louisiana, two new development wells have been drilled. The OCS-G 14467 A-4 well was been drilled to 19,119' measured depth and logged 55' of apparent oil and gas pay in the main field reservoir K-2 sand. The A-5, drilled to 16,061' measured depth, logged 76' of apparent gas pay in a shallower sand and is currently being completed. Completion of the A-4 well will immediately follow with both wells expected on production in January 2001. Remington owns a 15 percent working interest in both wells.

On the company's operated East Cameron Block 344 project, a six slot production platform was installed in October 2000 and drilling operations commenced on the OCS-G 17878 ## A-2 in late October. After encountering several drilling abnormalities below 11,000', this well has been sidetracked. Drilling operations should be finished by year end with the completion phase beginning in January 2001. First production is expected by the end of the first quarter 2001. Remington owns a 50% working interest with partners Continental Land & Fur Co. and Magnum Hunter Resources, Inc., each owning a 25% working interest.


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