Remington Oil and Gas Corporation Apparent High Bidder on 21 Gulf of Mexico Offshore Lease Blocks DALLAS, March 16 /PRNewswire-FirstCall/ -- Remington Oil and Gas Corporation (NYSE:REM) was the apparent high bidder on twenty-one (21) offshore lease blocks at the OCS Sale 194 held in New Orleans, Louisiana, today. The Company's net financial exposure, if all blocks are awarded, totals $9.7 million. Remington will operate all 21 blocks if awarded. Of the 21 lease blocks, 13 lease blocks were in water depths that varied from 50 feet to 450 feet, and 8 lease blocks were in water depths that varied from 1,400 feet to 2,400 feet. The Company also announced that James A. Watt, Chairman and CEO, and Robert P. Murphy, President and COO, are scheduled to present today, March 16, 2005, at the A.G. Edwards' Energy Conference in Boston, Massachusetts, at approximately 2:30 PM EST. A link to the webcast and presentation can be found on the company's website at http://www.remoil.net/ . 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, production volumes, results of exploration, exploitation, development, acquisition and operations expenditures, and prospective reserve levels of prospects or wells are forward-looking statements. Prospect size and reserve levels are often referred to as "potential" or "un-risked" reserves and are based on the Company's internal estimates from the volumetric calculations or analogous production. Other forward-looking statements are based on assumptions concerning commodity prices, drilling results, recovery factors for wells, production rates, and operating, 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, mechanical, political, environmental, and geologic risks. There is no assurance that these goals, projections, costs, expenses, reserve levels, and production volumes can or will be met. Further information is available in the Company's filings with the Securities and Exchange Commission, which are herein incorporated by this reference. Information in this document should be reviewed in combination with the Company's filings with the Securities and Exchange Commission and information available on the Company's website at http://www.remoil.net/ . DATASOURCE: Remington Oil and Gas Corporation CONTACT: Steven J. Craig, Sr. Vice President of Remington Oil and Gas Corporation, +1-214-210-2675 Web site: http://www.remoil.net/

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