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Gold/Mining/Energy : Remington Oil (REM)

REM 21.82

-0.8%

Oct 30 4:00 PM EDT

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To: Paul Lee who started this subject	1/16/2001 12:35:30 PM
From: Paul Lee	of 192

Remington Oil and Gas Corporation Forecasts A 34% Increase In Production for 2001 Over 2000 Levels PR NEWSWIRE - January 16, 2001 12:26 DALLAS, Jan 16, 2001 /PRNewswire via COMTEX/ -- Remington Oil and Gas Corporation (Nasdaq: ROIL; PCX: REM.P) announced that it anticipates producing approximately 27 BCFE in 2001, a 34% increase over the 20.2 BCFE produced in 2000. Prior estimates were that 2001 production would increase 20% over 2001 levels. First quarter production is expected to be 6.5 BCFE, a 25% increase over fourth quarter volumes. The major components of this new production come from offshore fields. At East Cameron 364 production has stabilized at 18 MMcf/day. The company operates this platform and has a 75% working interest. At South Pass 86 the C-8 well has been brought on production at 18 MMcf/day and 690 BO/day. The company has a 25% interest in this well. At Eugene Island 135 the A-4 is currently completing and the A-5 is on production. Total expected rates from these two wells are 35 MMcf/day. The company has a 15% interest in this field. Before the end of the first quarter, we expect new production from East Cameron 344. The company has a 50% interest in this platform and is the operator. We also expect production prior to the end of the first quarter from High Island 441 where the well tested 9 MMcf/day. We are the operator and have a 75% interest in the well. In the second and third quarters the company expects production commencing from East Cameron 345/360 and East Cameron 305. The company has a 37.5% interest in the former project and a 75% interest in the latter project and is the operator. We anticipate several other completions in onshore South Texas and Mississippi throughout the year. For the first quarter of 2001 the company has forward sold 19 MMcf/day or approximately 38% of our gas production at $4.27 per Mcf. For the second quarter 10 Mcf/day is forward sold at $5.05 per Mcf. At this time minimal forward sales of gas are in place for the remainder of the year and no forward sales or hedges are in place for oil production.

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