Wiser Oil Makes Discovery on Ship Shoal 322

The Wiser Oil Company has made a significant new field discovery in Ship Shoal Block 322. The Ship Shoal Block 322 #1 discovery well, located approximately 75 miles offshore Louisiana in 313 feet of water, was drilled to a total depth of 7,300 feet, encountering approximately 134 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.

The well is currently being completed and will be tied back to an existing production platform using subsea technology. It is anticipated that production will be initiated in early 2004. Well performance will be monitored closely to determine if a development well is necessary to optimize production and recovery from the reservoir.

George K. Hickox, Jr., Chairman and Chief Executive officer, said, "The Ship Shoal 322 #1 is our fourth new field discovery in the GOM this year and pushes our overall GOM success rate to 78%. Production from the new well, along with the previously announced Vermilion Block 61 discovery, will provide a significant boost to revenues beginning in the second quarter of 2004."