Remington Oil and Gas Corporation Announces Three Offshore Discoveries DALLAS, Dec. 2 /PRNewswire-FirstCall/ -- Remington Oil and Gas Corporation announced today three new offshore discoveries and gave an update on current drilling and development operations. The company also announced it will be presenting at the Third Annual Louisiana Energy Conference in New Orleans on December 3, 2003, at 3:00 p.m. The conference will be webcast live by CCBN on http://www.louisianaenergyconference.com/ or on the Company's website at http://www.remoil.net/ . Exploratory Drilling Program Listed in the table below are wells currently drilling or completing, along with wells that are scheduled to be drilled in the near term. Wells marked with an asterisk are discussed in more detail following the table. Prospect Category W.I.% Status/Spud Date Operator Offshore West Cameron 403#1* Exploratory 60 Tested 16 MMCFG Remington Vermilion 61* Exploratory 50 Discovery Remington Ship Shoal 322* Exploratory 50 Discovery Remington West Cameron 328#1 Exploratory 50 Drilling @ 8,721' Remington Vermilion 136 Exploratory 60 Drilling @ 13,000' Remington East Cameron 73#1* Exploratory 50 Drilling @ 7,650' Remington West Cameron 458#1 Exploratory 60 December Remington Onshore Fleishaker #2, Miss. Exploratory 100 Drilling @ 17,200' Remington Blossman #2, S. Texas Exploratory 20 Discovery Suemaur May #2, S. Texas Exploratory 60 Drilling Suemaur Remington has made a new field discovery at West Cameron Block 403. This exploratory well was drilled to 11,300 feet and wireline logged a thick gas column in a single sand package. This well was flow tested at a rate of 16 million cubic feet of gas per day. A caisson was driven over the well awaiting fabrication and installation of a deck and pipeline. The company expects first production in the first quarter of 2004. Remington operates West Cameron Block 403 and owns a 60% working interest. Magnum Hunter Resources (NYSE:MHR) owns the remaining 40% working interest. At the Company's Vermilion 61#1 exploratory well, we have logged apparent gas pay based on wireline logs and sidewall cores. Production casing has been set awaiting completion operations. A second exploratory well targeting a separate fault block, East Cameron 73#1, is currently being drilled from the same surface location. Following the outcome of this well, production facilities and export pipeline planning will commence. Remington operates both blocks and owns a 50% working interest in each. Magnum Hunter Resources and Wiser Oil Company (NYSE:WZR) each own 25%. Recently, the company has logged apparent gas pay, as identified by wireline logs and sidewall cores, in the Ship Shoal 322#1 exploratory well. This well was drilled to a total depth of 7,300 feet and is currently being completed. Following confirmation of the discovery via flow testing, the company intends to set a sub sea well head and produce the well via sub sea flow line to an existing production platform in the area. Production from this new discovery is anticipated in the first quarter of 2004. Remington operates Ship Shoal Block 322 and owns a 50% working interest. Magnum Hunter Resources and Wiser Oil Company each own 25%. Remington currently has five wells drilling that it believes, barring no severe mechanical or weather related delays, will reach total depth by or near year-end 2003. The company also has two offshore installations that are underway that are anticipated to be completed in this same time period. In the offshore Gulf of Mexico this year, Remington has drilled a total of 19 exploratory wells with 13 of these being successful, giving the company a 68% success rate. The three announced discoveries, in addition to two previously announced successes, brings the company's total projects under development to five. James A. Watt, President and Chief Executive Officer stated, "These new discoveries should commence production in the near term. We will announce our production guidance for 2004 once the 2003 drilling program is complete. We will announce our year-end reserves in mid to late February once the complete reserve evaluation is finalized by independent reserve engineers." Remington Oil and Gas Corporation is an independent oil and gas exploration and production company headquartered in Dallas, Texas, with operations concentrating in the onshore and offshore regions of the Gulf Coast. Statements concerning future revenues and expenses, production volumes, results of exploration, exploitation, development, acquisition and operations expenditures, and prospective reserve levels of prospects or wells are forward-looking statements. Prospect reserve levels are often referred to as "potential" or "un-risked" reserves and are based on the Company's internal estimates from the volumetric calculations or analogous production. Other statements are based on assumptions concerning commodity prices, drilling results, recovery factors for wells, production rates, and operating, administrative and interest costs that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are subject to a wide range of business, mechanical, political, environmental, and geologic risks. There is no assurance that these goals, projections, costs, expenses, reserve levels, and production volumes can or will be met. Further information is available in the Company's filings with the Securities and Exchange Commission, which are herein incorporated by this reference. Information in this document should be reviewed in combination with the Company's filings with the Securities and Exchange Commission and information available on the Company's website at http://www.remoil.net/ . DATASOURCE: Remington Oil and Gas Corporation CONTACT: Steven J. Craig, Sr. Vice President of Remington Oil and Gas Corporation, +1-214-210-2675 Web site: http://www.remoil.net/ http://www.louisianaenergyconference.com/

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