Wiser Oil Strikes in East Cameron 73

The Wiser Oil Company has made a new field discovery in East Cameron Block 73. The East Cameron Block 73 #1, located approximately 15 miles offshore Louisiana in 49 feet of water, was directionally drilled to a total depth of 11,498 feet from the same surface location as the previously disclosed Vermilion Block 61 #1 discovery well.

Both wells have been completed and were flow tested over the past few weeks. The Vermilion Block 61 #1 tested at rates of up to 14 million cubic feet of gas equivalent per day and the East Cameron Block 73 #1 tested at a rate of approximately 5 million cubic feet of gas equivalent per day. It is anticipated that production from both wells will be initiated early in the second quarter of 2004. Wiser owns a 25% working interest in the development with Remington Oil and Gas Corporation serving as the operator.

Matt Eagleston, President of Wiser, said, "The East Cameron 73 #1 discovery is a nice complement to the Vermilion 61 #1 discovery as both wells will be produced from the same surface facilities. We are very pleased with the test results and with the accelerated timeline for hookup which will allow these wells to contribute meaningfully to our 2004 production profile."