Remington Oil & Gas Provides Exploration Update

Remington Oil and Gas outlines its recent operational activities.

Exploratory Drilling Program
Listed in the table below are wells currently drilling or completing, along with wells that are scheduled to be drilled in the near term. Wells marked with an asterisk are discussed in more detail.

Offshore Gulf of Mexico:
West Cameron 457 #1*
West Cameron 328 #1*
West Cameron 73 #1*
Vermilion 61 #1*
Vermilion 136 #1
Eugene Island 304 #1
East Cameron 205 #1
Ship Shoal 165 #1
Main Pass 234 #1
Vermilion 241 #1

Onshore South Texas:
Blossman #3

Remington has made a new field discovery at West Cameron Block 457. This exploratory well was drilled to 9,271 feet and wireline logged apparent gas pay in a single sand package. This well has been completed and is awaiting installation of a sub sea well head and flow testing. This well will be tied back via sub sea flow line to the production platform being constructed for the previously announced West Cameron 458 discovery. The company expects to drill up to four additional wells from the platform once it is installed. We expect installation in the second quarter of 2004. Remington operates West Cameron Block 458 and owns a 60% working interest. Magnum Hunter Resourcesowns the remaining 40% working interest.

The company's West Cameron 328#1 exploratory well was drilled to 14,880 feet and failed to discover commercial quantities of hydrocarbons. This well has been plugged and abandoned. Remington owns a 50 percent working interest in West Cameron Block 328. Approximately $3.2 million net will be recorded as dry hole expense for the well in the fourth quarter of 2003. The remaining $1.1 million net will be recorded as dry hole expense in the first quarter of 2004.

Production testing at the company's East Cameron 73#1 and Vermilion 61#1 wells resulted with combined rates of 19 million cubic feet of gas equivalents per day. Both wells have been completed and are awaiting 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.

Total depth of 18,439 feet has been reached at the company's Vermilion 136#1 exploratory well. The well is currently being evaluated. Remington operates this block and owns a 60 percent working interest. Magnum Hunter Resources owns the remaining 40% working interest.

James A. Watt, President and Chief Executive Officer, stated, "In the early part of the year the company will focus on lower risk/lower reserve potential opportunities that, if successful, can be brought on production in the third and fourth quarters of 2004. The recent tests and discoveries will contribute additional production volumes as soon as platforms and facilities are installed."