Remington Oil Announces Two Gulf Of Mexico Discoveries

At South Marsh Island Block 93, which was drilled by Marine Drilling's jackup, Marine 15, wireline logs and sidewall core analysis indicate 80 feet of apparent oil and gas pay in two sand packages. Production casing has been set, and a caisson structure is currently being installed. After this well is completed and flow tested, additional drilling is expected to immediately follow in order to properly locate and size the production facilities for this new field discovery. Remington operates and owns 57.5% working interest in this well. Magnum Hunter Resources, Inc. has a 30% interest and Wiser Oil Co. has the remaining 12.5% interest.

Exploratory drilling by Transocean Sedco Forex's jackup, RBF 252 continues toward a 12,524' total depth at the East Cameron 184 #1 well. An intermediate wireline log run with sidewall cores has identified over 200' of apparent gas pay in three sand units. Once the well has been drilled to total depth, a caisson structure will be installed with follow-up drilling expected in the late 3rd quarter of 2001. Remington operates and owns 57.5% working interest in this well, Magnum Hunter Resources, Inc.has a 30% interest and Wiser Oil Co. owns the remaining 12.5% interest.