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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 subject3/30/2001 9:17:48 AM
From: Paul Lee   of 192
 
Remington Oil and Gas Corporation Captures 33 High Bids at Central Gulf of Mexico Lease Sale


DALLAS, March 30 /PRNewswire/ -- Remington Oil and Gas Corporation (Nasdaq: ROIL; PCX: REM.P) is the apparent high bidder on 33 blocks at the Central Gulf of Mexico Lease sale held yesterday in New Orleans, Louisiana.

Remington is the apparent high bidder on 33 offshore blocks totaling approximately 80,000 net acres located on the shelf area of the Gulf of Mexico. Net capital exposure to Remington, assuming all 33 blocks are awarded by the Minerals Management Service, is approximately $6,600,000. All of the apparent high bids are located in less than 400' of water with 30 of the blocks located in 200' of water or less. Remington will be the operator, pending award, of 26 of the blocks with working interests ranging from 37.5% to 62.5%. Remington bid on a total of 45 blocks with industry partners including Magnum Hunter Resources (Amex: MHR) and The Wiser Oil Company (NYSE: WZR). The company's current leasehold in the Gulf of Mexico consists of 24 blocks producing or under development and 20 undeveloped blocks.

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.
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