Remington Oil Does Well at Lease Sale 190

Remington Oil and Gas submitted bids on a total of forty-one federal offshore Gulf of Mexico blocks and was the apparent high bidder on twenty-five blocks. The Company's net financial exposure, if all blocks are awarded, totals $4.6 million. Remington will operate twenty-four (24) of the high bid blocks with either a 50% or 60% working interest. All high bid blocks are located in water depths less than 350 feet.

At Vermillion 137, Remington's bid of $1.428 million was not the high bid. The Vermillion 136 #1 well adjacent to this lease was drilled to 18,439 feet. Tests on two zones within the wellbore were unsuccessful. The well will be temporarily abandoned for possible future use in evaluating the prospect. Remington is the operator of this well with a 60% working interest and Magnum Hunter Resources holds the remaining 40% working interest.

James A. Watt, President and Chief Executive Officer stated, "We are pleased to acquire 25 additional 3-D defined blocks in the offshore shelf. These blocks will complement our existing prospect inventory adding both low- risk, lower-potential prospects, along with deeper, higher-risk higher- potential prospects."