Remington Announces Discovery on West Cameron 170

Production casing has been set at 17,200' measured depth in the OCS-G 4085 #4 well located on West Cameron Block 170, Offshore Louisiana. The #4 exploratory well was drilled by by Noble Drilling's jackup, Noble Johnnie Hoffman and logged 77 net feet of apparent oil and gas pay in four sands in a previously untested fault block. The well was drilled from an open water location in 45 feet of water and will require a minimal caisson structure and flowline to be installed prior to production. Current plans are to complete and test the well and then install the necessary equipment for production, which is anticipated to commence in the late third quarter 2001. Remington owns a 42% working interest in the #4 well, which is operated by NEXEN Petroleum USA, Inc. Following the completion of the #4 well, drilling is to commence on the West Cameron A-7 development well. Remington will participate in the A-7 well with a 20% working interest.

In other news, Remington has completed and flow tested the previously announced discovery located on South Marsh Island Block 35, Offshore Louisiana. This well flow tested 812 barrels of oil and 1.0 MMcf of gas per day. A caisson structure has been installed and the oil and gas flowline is currently being designed. First production is anticipated by the fourth quarter 2001. Remington operates this new field with a 62.5% working interest, with Magnum Hunter Resources owning the remaining 37.5% working interest. Drilling operations have commenced at the company's operated Eugene Island 302 exploratory well using Marine Drilling's jackup, Marine 15. The OCS-G 21642 #1, located in 220 feet of water, is drilling toward an 11,107' total depth. Remington owns a 57.5% working interest in this well. Magnum Hunter Resources and The Wiser Oil Company own 30% and 12.5 % working interest respectively.


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