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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: jim_p who wrote (62266)	3/16/2000 12:31:00 PM
From: CpsOmis	Respond to of 95453

This out 1/2 hour ago. Perhaps a reason behind the BR movement: IRVING, Texas, March 16 /PRNewswire/ -- Magnum Hunter Resources, Inc. (Amex: MHR) ("Magnum Hunter") announced today that it has participated in a new oil and natural gas discovery in the Gulf of Mexico. The exploration discovery well was drilled on the East Cameron 344 Block in the shallow water shelf area of the Gulf of Mexico. This new discovery was drilled to a total depth of 13,847 feet and encountered significant shows of oil and natural gas in two separate intervals between 12,000 feet and 12,400 feet. Logging surveys and sidewall cores indicate both zones to be oil and gas bearing with approximately 73 feet of cumulative net pay. Casing has been set and the well has been mudline suspended. Magnum Hunter owns a 25% working interest in the discovery well and associated lease block. The operator, Remington Oil and Gas Corporation (Nasdaq: ROIL; PCX: REM.P), owns a 50% working interest. Development plans are underway to install a new production platform in late 2000. East Cameron 344 is the second of four exploratory prospects to be drilled with Remington on separate leases. Magnum Hunter has now been successful on six out of eight exploration blocks drilled since entering the Gulf of Mexico in May, 1999. Also in the Gulf of Mexico, initial production from one of the Company's 1999 discoveries commenced in February. The Vermilion 84 #5 discovery well is currently producing at a rate of approximately 16 million cubic feet of natural gas and 1,000 barrels of condensate per day from one of two Miocene sands found below 13,000 feet. Upon completion, the well was tied back to the nearby Vermilion 84 production platform facility. Two additional wells have been scheduled to be drilled on this Block during the second quarter of 2000. Magnum Hunter owns a 12.5% working interest in this lease as well as the existing production facilities for the Vermilion Block 84 gas field. Burlington Resources Offshore, Inc., a wholly-owned subsidiary of Burlington Resources, Inc. (NYSE: BR), is the operator and holds a 50% working interest. Magnum Hunter Resources, Inc. is one of the nation's fastest growing independent exploration and development companies engaged in three principal activities: 1) the acquisition, production and sale of crude oil, condensate and natural gas; 2) the gathering, transmission and marketing of natural gas; and 3) the managing and operating of producing oil and natural gas properties for interest owners. The information in this release includes certain forward-looking statements that are based on assumptions that in the future may prove not to have been accurate. Those statements, and Magnum Hunter Resources, Inc.'s business and prospects, are subject to a number of risks, including volatility of oil and gas prices, the need to develop and replace reserves, the substantial capital expenditures required to fund its operations, environmental risks, drilling and operating risks, risks related to exploration and development drilling, uncertainties about estimates of reserves, competition, government regulation, and the ability of the company to implement its business strategy. These and other risks are described in the company's reports that are available from the SEC FOR FURTHER INFORMATION CONTACT: MICHAEL P. MCINERNEY, INVESTOR RELATIONS (972) 401-0752 SOURCE Magnum Hunter Resources, Inc. -0- 03/16/2000 /CONTACT: Michael P. McInerney, Investor Relations of Magnum Hunter Resources, Inc., 972-401-0752/ /Web site: magnumhunter.com (MHR ROIL BR) CO: Magnum Hunter Resources, Inc.; Remington Oil and Gas Corporation; Burlington Resources Offshore, Inc.; Burlington Resources, Inc. ST: Texas IN: OIL SU: DSC