Remington Announces Discovery in the Gulf of Mexico

Remington Oil and Gas Corporation announced a new field discovery at Eugene Island Block 302 in the offshore Gulf of Mexico.

The Eugene Island Block 302 #1 well was drilled to a measured depth of 10,694 feet and encountered 103 feet of true vertical thickness pay in two pleistocene age sands. The well was drilled by Marine Drilling's jackup, Marine 15. The company intends to set pipe on the discovery and mud line suspend the well. The well is located in 225 feet of water 140 miles southwest of New Orleans, Louisiana. Once a production facility is constructed and installed, a second well will be drilled into an adjacent fault block, and if successful, both wells will be brought on production. Production is anticipated to commence in the second quarter of 2002. Remington is operator of the discovery with a 57.5% working interest. Magnum Hunter Resources owns 30% and Wiser Oil and Gas owns 12.5%.

James A. Watt, President and Chief Executive Officer stated, "This is our second discovery from blocks purchased in the 2000 lease sale. With the addition of a second rig, we anticipate drilling most of the remainder of the leases acquired in the 2000 lease sale prior to year end with the same partnership as in this discovery. As new leases are awarded from the 2001 lease sale, they will be added to our drilling schedule for late 2001 and 2002."