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

To: Tomas who wrote (71325)	8/22/2000 8:24:59 AM
From: jim_p	Read Replies (1) \| Respond to of 95453

Looks like ROIL hits a home run. The West Cameron A-6 and A-7 wells alone could increase ROIL's daily production by 20%. Remington Oil and Gas Corporation Tests New Discovery at 2,400 Barrels of Oil Per Day DALLAS, Aug 22, 2000 /PRNewswire via COMTEX/ -- Remington Oil and Gas Corporation (Nasdaq: ROIL; PCX: REM.P) announced today current operational activities and a deeper pool discovery at West Cameron 170. Drilling and completion operations have been finalized on the West Cameron 170 A-6 well where production casing has been set at a total depth of 17,125'. Wireline logs indicate over 150 feet of true vertical thickness oil and gas pay in three sands. Production tests from the lowermost sand interval yielded a rate of 2,429 barrels of oil and 5.0 million cubic feet of gas per day on a 16/64ths inch choke with a flow tubing pressure of 7525 psi. This well is expected to commence production by the end of August 2000. Drilling operations continue on the West Cameron Block 170 #3 well. This well is currently at 14,408' with a 16,465' projected total depth. Remington owns a 20% working interest in the A-6 well and a 42 % working interest in the #3 well. CXY Energy Offshore Inc. operates both wells and owns 78% and 56% working interest in the A-6 and #3 well respectively. Remington has made a new oil discovery at East Cameron Block 345. This well logged 30 feet of oil pay below 8,000 feet. This well, located near the company's recent East Cameron 344 and 364 discoveries where two new platforms are to be installed next month, will provide additional production volumes from this core area in 2001. This well will be temporarily abandoned awaiting platform installation at which point additional drilling is expected to take place. The rig used to drill this well will be moved to Eugene Island Block 397 to drill a 10,227' exploratory well. Remington owns a 37.5% working interest in both of these new projects. W & T Offshore, Inc. owns 50% and is the operator. Drilling operations at the company's East Cameron 305 exploratory well were halted after encountering an abnormally pressured sand at 3,300 feet. This well has been abandoned. The company intends to re-drill this prospect once regulatory approval is granted for a new surface location. The drilling rig has been moved to the company's High Island A-441 prospect and is currently drilling toward a 8,700' total depth. Remington operates and owns a 75% working interest in both projects. On Eugene Island Block 135 completion operations have been suspended on the A-3 well. After a failed workover attempt to re-establish production, the well was sidetracked and casing was set. After several unsuccessful completion attempts were made, the operator recommended suspending operations until a later date. The drilling unit will now commence operations on drilling the A-4 development well. Remington owns a 15% working interest in both wells. In the Mississippi Salt Basin, Remington has set production casing on the Crosby 5-2 #1 (Eminence Dome Prospect) exploratory well located in Covington County. Wireline logs on this 18,400' well indicate several potential oil bearing sands in the lower Hosston and Cotton Valley stratigraphic intervals. Remington owns a 20% working interest in this well. Additionally, the company has commenced drilling operations on an 18,500' exploratory well at Southwest Kola Prospect (Pickering #1) located in Covington County, Mississippi. Remington operates this well with a 40% working interest. In South Texas, Remington has recently drilled two apparent gas discoveries in Nueces County. The Charba #1 well, drilled to 10,500', logged 40 feet of net gas pay in three sands. Remington owns a 25% working interest in the Charba well. The Miller #1 well, located in the Riverside Prospect area, logged 43 feet of gas pay in two sands. The company owns a 20% working interest in the Miller #1. Both wells are expected to be completed and on production by November 2000. Remington is currently drilling two exploratory wells in Nueces County and expects to participate in six additional exploratory wells in the South Texas core area this year. James A. Watt, President and Chief Executive Office, stated, "These recent discoveries continue our success of increasing reserves through the drillbit. The new West Cameron discovery will contribute to 2000 production volumes almost immediately with the other successes, both offshore and onshore, contributing steadily throughout the remainder of 2000 and early 2001." 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. SOURCE Remington Oil and Gas Corporation CONTACT: Steven J. Craig, Sr. Vice President of Remington Oil and Gas Corporation, 214-210-2675 (ROIL)