Wiser Oil Makes Gulf of Mexico Discovery

The Wiser Oil Company reports a new field discovery in West Cameron Block 428. The WC 428 #1 discovery well was drilled to a total measured depth of 8,180 feet and encountered approximately 77 feet of apparent net gas pay in a single sand package. The well has been completed and tested at a rate of 8.5 million cubic feet of gas equivalent per day. First production is expected in the second half of 2003 at a rate approximating the test rate. Wiser owns a 25% working interest in WC 428.

In other first quarter 2003 offshore activity, the WC 357 #1 was drilled to a measured depth of 8,289 feet and abandoned after failing to find commercial quantities of hydrocarbons. Wiser owns a 25% working interest in WC 357. Remington Oil and Gas Corporation is the operator of WC 357.