Remington Oil and Gas Corporation Updates Operational Activities DALLAS, Feb. 11 /PRNewswire-FirstCall/ -- Remington Oil and Gas Corporation today provided an update on the company's recent operational activities. 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 457#1* Exploratory 60 Discovery Remington West Cameron 328#1* Exploratory 50 P&A Remington East Cameron 73#1* Exploratory 50 Tested 5 MMCFE/D Remington Vermilion 61 #1* Exploratory 50 Tested 14 MMCFE/D Remington Vermilion 136*#1 Exploratory 60 Evaluating Remington Eugene Island 304#1 Exploratory 50 Discovery Remington East Cameron 205#1 Exploratory 50 February Remington Ship Shoal 165#1 Exploratory 50 February Remington Main Pass 234#1 Exploratory 25 February Newfield Vermillion 241#1 Exploratory 50 MarchRemington Onshore Blossman #3, S. Texas Exploratory 20 Drilling Suemaur Remington has made a new field discovery at West Cameron Block 457. This exploratory well was drilled to 9,271 feet and wireline logged apparent gas pay in a single sand package. This well has been completed and is awaiting installation of a sub sea well head and flow testing. This well will be tied back via sub sea flow line to the production platform being constructed for the previously announced West Cameron 458 discovery. The company expects to drill up to four additional wells from the platform once it is installed. We expect installation in the second quarter of 2004. Remington operates West Cameron Block 458 and owns a 60% working interest. Magnum Hunter Resources (NYSE:MHR) owns the remaining 40% working interest. The company's West Cameron 328#1 exploratory well was drilled to 14,880 feet and failed to discover commercial quantities of hydrocarbons. This well has been pluggedand abandoned. Remington owns a 50 percent working interest in West Cameron Block 328. Approximately $3.2 million net will be recorded as dry hole expense for the well in the fourth quarter of 2003. The remaining $1.1 million net will be recorded asdry hole expense in the first quarter of 2004. Production testing at the company's East Cameron 73#1 and Vermilion 61#1 wells resulted with combined rates of 19 million cubic feet of gas equivalents per day. Both wells have been completed and are awaiting installation of production facilities and an export pipeline. First production is expected in the second quarter of 2004. Remington operates East Cameron Block 73 and owns a 50% working interest. Magnum Hunter Resources (NYSE:MHR) and Wiser OilCompany (NYSE:WZR) each own a 25% working interest. Total depth of 18,439 feet has been reached at the company's Vermilion 136#1 exploratory well. The well is currently being evaluated. Remington operates this block and owns a 60 percent working interest. Magnum Hunter Resources owns the remaining 40% working interest. James A. Watt, President and Chief Executive Officer, stated, "In the early part of the year the company will focus on lower risk/lower reserve potential opportunities that, if successful, can be brought on production in the third and fourth quarters of 2004. The recent tests and discoveries will contribute additional production volumes as soon as platforms and facilities are installed." Remington Oil and Gas Corporation is anindependent 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 size and 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 forward-looking 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/

Copyright