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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: ldo79 who wrote (49587)8/20/1999 8:09:00 AM
From: stock talk  Read Replies (2) of 95453
 
An undiscovered NG gem: ROIL market cap still around 125 million

"Year-to-date drilling totals 19 wells, 14 of which have been successful. The company anticipates drilling an additional nine to 12 wells prior to year- end. Fourth-quarter 1998 production averaged 33 MMcfe per day and increased to 39 MMcfe per day inthe first-quarter 1999. Continuing the encouraging trend, 1999's second quarter production averaged 46 MMcfe per day.Management attributes steady rise in production to a 36 percent increase in reserves recordedin 1998 and to the continuedsuccess of our 1999 drilling program."

Dallas-based Remington Oil and Gas is an independent exploration and production company with activity focused on the offshore shelf, onshore Texas Gulf Coast and the Mississippi Salt Basin. Year-end 1998 reserves were 5.52 MMbbl of oil and 52.7 Bcf of natural gas. Production averaged 3,411 Bbl per day and 17.5 MMcf of natural gas per day for 1998.

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