Remington Oil & Gas High Bidder on Eight Blocks in Gulf of Mexico

Remington Oil and Gas was the apparent high bidder on eight offshore lease blocks at the OCS Sale 198 held in New Orleans, Louisiana. The Company's net financial exposure, if all blocks are awarded, totals $15 million. Remington will operate all 8 blocks if awarded.

Of the 8 lease blocks, 4 lease blocks were in water depths that varied from 50 feet to 100 feet, and 4 lease blocks were in water depths that varied from 2,400 feet to 3,200 feet.

Remington Oil and Gas Corporation is an independent oil and gas exploration and production company headquartered in Dallas, Texas, with operations concentrating in the onshore and offshore regions of the Gulf Coast.
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