Remington Snags 7 Gulf of Mexico Deep Water Blocks

Remington Oil and Gas was the apparent high bidder on seven offshore deep water lease blocks at the OCS Sale 192 held in New Orleans, Louisiana, today. All bids were submitted on a 100% working interest basis. Water depths of the blocks vary from 1,000 feet to 2,400 feet. The Company's net financial exposure, if all blocks are awarded, totals $6.3 million.

James A. Watt, Chairman and Chief Executive Officer stated, "We recently expanded our 3-D seismic data base to the deeper waters, and these leases were based on those new data. These blocks will be added to our extensive prospect inventory for drilling in 2005 and beyond."