Remington Oil and Gas Updates Current Drilling Operations

Remington has completed a new gas discovery at the Vermilion 61 B-3 well. This well is currently producing 7 million cubic feet of gas per day to sales. Remington owns a 100% working interest in the Vermilion 61 B-3 well.

A new gas discovery has been made at the Company's Ship Shoal Block 250 #1 exploratory well. This well encountered two hydrocarbon bearing sands below 10,000 feet. Both zones have been completed and the bottom zone flow tested at a rate of 7 million cubic feet of gas and 1,000 barrels of condensate. The second zone is currently being flow tested. First production is anticipated in January 2006 once third party pipeline repairs are completed. Remington operates Ship Shoal Block 250 #1 with a 60% working interest. Cimarex owns the remaining 40%.

Operations continue below 20,000 feet at the Company's South Pass Block 87 Aquarius exploratory well. A drilling liner is currently planned to be set below 20,000 feet. The primary objective section will be drilled below the current casing point. Mechanical difficulties were encountered below 20,000 feet that required the well to be sidetracked causing significant delays. Once the casing is set, the well will be drilled to the proposed total depth of 23,000 feet. The Company expects this well to reach total depth by the end of the year. Remington owns a 50 percent, non-operated working interest in the well.

Remington currently has plans to drill two additional exploratory wells by year end. The Company has two operated rigs working and one non-operated, and expects to pick up another operated rig in the first quarter 2006. The arrival of the Company's contracted semisubmersible rig is now expected to commence its deeper water program in the 2nd quarter of 2006.

Drilling Program

    Listed in the table below are wells recently drilled, currently drilling
or completing, along with wells that are scheduled to be drilled in the near
term.


    Prospect             Category   W.I.%    Status/Spud Date       Operator
    Offshore
    Vermilion 61 B-3   Exploratory   100   Producing 7 MMCFE/DAY    Remington
    Ship Shoal 250 #1  Exploratory    60   Tested 13 MMCFE/DAY      Remington
    S. Marsh Island
     116 #1            Exploratory    60   Drilling below 4,000'    Remington
    S. Pass 87
     Aquarius          Exploratory    50   Drilling below 20,000'   Marathon
    West Cameron
     383 #2            Exploratory    50   December Spud            Remington
    Vermilion 389 #1   Exploratory    60   December Spud            Remington
    East Cameron
     346 A-15          Exploratory    75   Waiting on Rig Removal   Remington
    Eugene Island
     391 #1            Exploratory    75   January Spud             Remington
    Main Pass 200 #1   Exploratory    50   January Spud              Cimarex

Production Update

Progress has recently been made on restoration of offshore production at several of the Company's operated platforms. As of December 5, 2005, Remington's net daily production increased from approximately 50 MMCFE per day to 80 MMCFE per day. Fourteen company-owned platforms still remain shut-in principally due to third party pipeline infrastructure damage. The most recent communications on timing from pipeline companies project seven platforms to be put in service prior to the end of the fourth quarter. Based on pre-storm producing rates Remington estimates approximately 45 MMCFE per day net to the Company from these seven platforms. Remington's East Cameron 346 and surrounding satellite properties are included in this group of platforms. The remaining seven shut-in platforms are expected to be brought back into service by mid-first quarter 2005. Pre-storm daily production from these seven platforms averaged approximately 10 MMCFE per day net to the Company. Based on available estimates and information, mainly from third parties, the Company anticipates 4th quarter production between 4.0 and 6.0 Bcfe. Total production for the year is anticipated to be between 30 and 32 Bcfe as approximately 10 Bcfe was deferred due to hurricane damage. The exit rate for the year should be approximately at pre-hurricane levels of 125 Mmcfe per day. Production guidance for 2006 will be given in early first quarter 2006.