Remington Logs Pay in the Gulf of Mexico

Remington has made a new field discovery at Vermilion Block 100. The company has drilled two wells targeting two separate geologic features using the Rowan Texas jackup. Both wells were wireline logged and apparent hydrocarbon pays were identified at their respective target intervals. Completion operations are underway that include flow testing of both wells.

A caisson structure has been installed while production facilities and pipeline are being built. First production from Vermilion Block 100 is expected to commence in the fourth quarter of 2003.

Remington operates and owns a 60% working interest. Magnum Hunter Resources owns the remaining 40%.