Remington Hits on South Marsh 35

Remington reached total depth of 14,630' at the South Marsh Island Block 35 exploratory well which was drilled by Marine Drilling's jackup, Marine 15. This well discovered 35' net oil and gas in the primary objective Rob "E" sand. The well is currently being completed for production that is expected to commence in the 3rd quarter 2001. Remington operates this new field discovery with a 62.5% working interest with Magnum Hunter Resources owning the remaining 37.5% working interest.