Remington Makes Two Gulf of Mexico Discoveries

Remington Oil and Gas has made two new offshore discoveries in the Gulf of Mexico and has finished completion and testing operations at its Vermilion 100 discovery.

The two wells in the Vermilion 100 field were drilled and flow tested at a combined rate of 17 MMCFD and 20 BOPD. A caisson has been driven over the first well and construction has begun on the production facility. First production is anticipated in the early fourth quarter of 2003. Remington operates Vermilion 100 with a 60% working interest. Magnum Hunter Resources owns the remaining 40% working interest.

Two new discoveries have been made at Eugene Island 397 A-8 and at Vermilion 117 #1. Production is expected to commence from the A-8 well this month and by year-end for Vermilion 117 #1. Sidetrack operations have been complete don the A-2 well on the company's East Cameron 344 field and production from this well is expected to commence this month.