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

To: Think4Yourself who wrote (62274)	3/16/2000 12:42:00 PM
From: CpsOmis	Respond to of 95453

ROIL is certainly in the news today! High bidder on a bunch of off-shore tracts: Remington Oil and Gas Submits Eight High Bids At Offshore Gulf Lease Sale DALLAS, March 16 /PRNewswire/ -- Remington Oil and Gas Corporation (Nasdaq: ROIL PCX: REM.P) announced today eight high bids and a new field discovery at East Cameron Block 344. LEASE SALE ACTIVITY Remington is the apparent high bidder on eight blocks out of eight submitted at the Central Gulf of Mexico Federal Lease Sale held March 15, 2000 in New Orleans, Louisiana. Remington sole bid one block and seven blocks at seventy-five percent working interest. All eight blocks are located in less than 250 feet of water and near existing infrastructure. Remington's net financial exposure, if all eight blocks are awarded by the Minerals Management Service, is 1,941,780. EAST CAMERON DISCOVERY Remington has finalized operations at a new oil and gas discovery located on East Cameron Block 344, offshore Louisiana. The OCS-G 17878 1 was drilled to a total depth of 13,847' measured depth and logged 73 net feet of oil and gas pay in two sands. Production casing has been set and the well has been temporarily abandoned for future re-entry. Development plans include the drilling of another well to an adjacent fault block and the fabrication and installation of a production platform. Remington operated the well with a fifty-percent working interest. Magnum Hunter Resources, Inc. (Amex: MHR) and Continental Land & Fur Co., Inc. each participated with a twenty-five percent working interest in the discovery. James A. Watt, President and Chief Executive Officer, stated, "We've utilized our extensive 3-D database to develop and acquire new prospects offshore for drilling later in 2000 and in 2001. These prospects, all to be operated by Remington, complement several recent discoveries made by the company." 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. Statements concerning future revenues and expenses, results of exploration, exploitation, development and acquisition expenditures, and reserve levels are forward-looking statements. These statements are based on assumptions concerning commodity prices, drilling results and production, administrative and interest costs that management believes are reasonable based on currently available information however, management's assumptions and the Company's future performance are subject to a wide range of business risks and there is no assurance that these goals and projections can or will be met. Further information is available in the Company's filings with the Securities and Exchange Commission, which are incorporated by this reference. Contact: Steven J. Craig, Sr. Vice President of Remington Oil and Gas Corporation, 214-210-2675