Remington Makes Several Discoveries in the Gulf of Mexico

Remington has made a new field discovery at West Cameron Block 458. This exploratory well was drilled to 8,909 feet and wireline logged apparent gas pay in a single sand package. This well was temporarily abandoned awaiting fabrication and installation of a platform and pipeline. The company expects to drill up to three additional wells from the platform once it is installed. The company expects installation in the second quarter of 2004. Remington operates West Cameron Block 458 and owns a 60% working interest. Magnum Hunter Resources owns the remaining 40% working interest.

Drilling operations at the company's East Cameron 73#1 have resulted in an apparent discovery in a fault block adjacent to our previously-announced Vermilion 61#1 discovery well. Both wells will now be completed and flow tested followed by the installation of production facilities and an export pipeline. First production is expected in the second quarter of 2004. Remington operates East Cameron Block 73 and owns a 50% working interest. Magnum Hunter Resources and Wiser Oil Company each own a 25% working interest.

Drilling continues at the company's West Cameron 328#1 and Vermilion 136#1 exploratory wells. These wells have encountered drilling related problems common to deep shelf exploration but are now drilling ahead toward their respective total depths. Both are anticipated to reach total depth soon.

Completion operations on the Fleishaker #2 are scheduled to commence this month in an apparently productive Paluxy sand at approximately 13,900 feet. This well was drilled to 17,270 feet and found none of the deep objectives commercially viable. Additional deep drilling on the west side of Tatum Dome is being considered for 2004. The Fleishaker #2 well was the second deep test well drilled at Tatum Dome prospect and is located on the east side of the prospect. Remington owns a 100% working interest in this well.