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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	5/3/2001 4:42:41 PM
From: Paul Lee	of 192

Remington Oil and Gas Corporation Secures $150 MM Senior Credit Facility DALLAS, May 3 /PRNewswire/ -- Remington Oil and Gas Corporation (Nasdaq: ROIL; PCX: REM.P) announced the signing of a new $150 million credit facility with $50 million as a borrowing base. The borrowing base will be reviewed every 6 months, and the agreement matures in 3 years. This replaces the prior $50 million credit facility with a borrowing base of $35 million. This new credit facility is lead by Bank of America as manager, with Fortis Capital Corp., Washington Mutual, and Comerica Bank-Texas also participating. Currently, Remington has $24.5 million borrowed against this facility. Since the end of the first quarter, Remington has reduced its bank debt from $27.4 million to the current level. The $5.9 million of convertible notes have also been reduced to approximately $5.2 million through conversion to common equity, further reducing our total debt. James A. Watt, President and Chief Executive Officer of the company stated, "We are pleased with the continuing support of Bank of America and happy to have three additional banks join our credit facility. Remington continues to grow its reserves and strengthen its balance sheet in preparation for new opportunities to increase shareholder value."

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