REMINGTON OIL........Keeps on growing Message Board

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Gold/Mining/Energy : REMINGTON OIL........Keeps on growing

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To: Dave Fong who wrote (8)	12/4/1997 5:59:00 PM
From: Al Lewis	Read Replies (2) of 16

Hi Dave Remington update December 4 ÿÿÿÿ REMINGTON PROVIDES OPERATIONAL UPDATE 15:56 EST Thursday, December 4, 1997 Canada NewsWire CALGARY, Dec. 4 /CNW/ - Remington Energy today announced the first test and drilling results from its Cache Creek property in B.C. Early results indicate the Cache Creek project is a liquids rich gas discovery. The initial well 15-2 had a calculated wellhead A.O.F. of 22 mmcf/d with approximately 40-50 bbls of associated condensate per mmcf. The test confirmed the drilling results that indicated a more homogenous reservoir with better average porosity than was encountered at the adjacent West Stoddart property. The Company indicated that this will result in fewer wells, being required to drain the same number of reserves as the adjacent fields. The well will come on production at approximately 1,000 BOE/D before year end. The horizontal portion of the second well at 4-11 has just been completed with over 270 meters of pay. Two additional wells are currently drilling. All of the Cache Creek production will be pipelined to the West Stoddart facility for processing. Paul Baay, President & CEO of Remington said "This liquids rich gas discovery will allow us to fully utilize the capacity at West Stoddart and shorten the development time for the Cache Creek field using less capital. It really is the best of both worlds from our point of view". An additional six wells are scheduled for Phase I of the Cache Creek project. At Red Creek the Company also announced it has encountered 36 meters of sand in the first well of the program and is planning to drill two horizontal laterals from this location. The Red Creek project is due to come on stream in the first quarter of 1998. At Rigel, Remington's main gas producing property, 12 successful wells have now been drilled and with additional compression set to come on later this week, the Company anticipates production to increase from 40 mmcf/d to 60 mmcf/d by mid-December. At Remington's North Cache gas field, an upper Cretaceous zone has been successfully completed at a rate of 2 mmcf/d. Five additional locations are being submitted for the 1998 drilling year. The first well of the deep drilling program at Karr 10-26 has encountered oil in the zone of interest. Reservoir stimulation and production testing is ongoing to determine the economic potential of the well. The second deep test at Karr has spudded with a target depth of 4,050m. Remington also confirmed it has voluntarily deferred its Inga 3D seismic program until further consultation can be done between the B.C. Government and the Blueberry River Indian Band. The Company still anticipates concluding the program before the spring of 1998. Remington currently has 6 wells drilling in both B.C. and Alberta. %SEDAR: 00000482E c Canada NewsWire - 1997 Nice to see it pull back up a bit today Al

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