Remington Temporarily Abandons Gulf of Mexico Well

Remington Oil and Gas has temporarily abandoned the South Timbalier 159 #1 ST1 exploratory well at a measured depth of 18,230 feet. Operations were suspended after encountering abnormal drilling conditions that resulted in stuck pipe. The primary exploratory target anticipated at above 19,000 feet was not penetrated in the wellbore. The company intends to re-enter the wellbore after a mechanically feasible sidetrack option can be designed. This will not occur until 2004. Remington operated this deep shelf exploratory test with a 50% working interest in the original well and a 75% working interest in the sidetrack well. Magnum Hunter had a 25% working interest in the original well and the sidetrack. Total cost to date from the original well and sidetrack well is approximately $8 million gross.