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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 subject5/23/2001 6:34:33 AM
From: Paul Lee   of 192
 
Remington Oil and Gas Corporation and Phillips Petroleum Company Settle Litigation


DALLAS, May 22 /PRNewswire/ -- Remington Oil and Gas Corporation (Nasdaq: ROIL; PCX: REM.P) announced it has settled all litigation with Phillips Petroleum Company (NYSE: P) and acquired Phillips' Net Profits Interest in Block 89, South Pass Area, offshore Louisiana. In consideration for the settlement and assignment of the net profits interest, Remington will pay Phillips $21.25 million in cash and issue Phillips up to 1,189,343 shares of Remington stock.

Phillips will have the right within the next six months to sell the stock in the open market at prices above $17.867 per share until their net proceeds from the sale are $21.25 million. If the market price is less than $17.867 per share after 31 days following this agreement, Remington will purchase back from Phillips up to 100,000 shares per week at $17.867.

Through the date of this agreement, Remington has accrued $20.2 million as litigation expense. In the first quarter of 2001, all expenses associated with the net profits interest and associated litigation were approximately $1.0 million net to Remington. This settlement eliminates these expenses in the future.
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