Remington's Eugene Island 302 Field Offline Until 2003

Production from Remington's Eugene Island 302 field is not expected to resume until early 2003. Damage to the host processing facility has been determined a total loss by the operator and will not be re-built. Remington is in negotiations with another host facility in the immediate area and expects an agreement to be finalized next week. The company's current plan is to extend our existing flowline approximately three miles to the new host facility once governmental approval is granted. We are anticipating production to resume by the end of the first quarter 2003.

In addition, production from the Eugene Island Block 297 and South Marsh Island 93 Fields continues to be disrupted as a result of Hurricane Lili. Both fields are expected to be fully operational by mid-November.

New production has been brought online by the company at our Eugene Island 148 #2 well. Production commenced in late October at a rate of 12 million cubic feet of gas and 200 barrels of condensate per day. Remington operates Eugene Island Block 148 and owns a 50% working interest. Magnum Hunter Resources owns a 25% working interest and Tana Exploration, LLC owns a 25% working interest.

The company expects to bring new production online prior to year end from West Cameron Block 170, West Cameron Block 347, East Cameron Block 377, Eugene Island Block 397, and from the Brookshire well in South Texas. Additional developments slated for early 2003 production include West Cameron Block 426, East Cameron Block 185, the Blossman #1 in South Texas, and resumption of production from Eugene Island Block 302. We anticipate these new developments will allow us to meet our most recent 2002 production guidance barring severe weather conditions hindering activities in the offshore.