CXY Announces Discovery in U.S. Gulf of Mexico

CXY announced that their A-6 well in West Cameron Block 170 encountered 180 feet of net oil and gas pay in five main pay sands. The well was drilled by Rowan Companies jackup, Rowan Juneau to a depth of 17,125 feet in approximately 34 feet of water. The production rate of the well tested at 4,300 barrels of oil and 9 million cubic feet of natural gas per day. The well has been tied-in to production facilities and is currently producing 2,100 barrels of oil and 6.5 million cubic feet of natural gas per day, pending construction of additional infrastructure. Follow-up drilling is expected in early 2001. CXY Energy is the operator of the well and has a 78 percent working interest and Remington Oil and Gas Corp. holds the remaining interest.