Wiser Oil Logs Pay at Vermilion 61 Step-Out Well

The Wiser Oil Company has made a new field discovery in Vermilion Block 61 in the Gulf of Mexico. The Vermilion Block 61 #1 discovery well, located approximately 15 miles offshore Louisiana in 49 feet of water, was drilled to a total depth of 9,850 feet, encountering approximately 60 feet of gross sand in the productive interval. Wiser owns a 25% working interest in the new discovery, which is operated by Remington Oil and Gas Corporation.

In other news, the East Cameron Block 73 #1 is currently being drilled from the same surface location targeting an adjacent fault block. Both wells will be completed following the drilling of the second well. It is anticipated that production will be initiated in early 2004 after platform facilities and the pipeline are installed.

George K. Hickox, Jr., Chairman and Chief Executive officer, said, "The Vermilion 61 #1 is our third new field discovery this year. Since entering the central GOM in 2001, we have successfully completed 13 out of 17 wells for an overall success rate of 76%. The remaining 15 undrilled blocks in our GOM inventory contain net unrisked reserve potential of approximately 90 billion cubic feet equivalent of natural gas, some of which we hope to test next year."