Remington Oil and Gas Corporation Announces Reserves Up 19% to 252 Bcfe DALLAS, Feb. 17 /PRNewswire-FirstCall/ -- Remington Oil and Gas Corporation (NYSE:REM) today announced its year-end 2004 reserves were approximately 252 Bcfe consisting of 60% natural gas and 40% oil. This is a 19% increase over year-end 2003 levels. Capital expenditures for 2004 were estimated at $158 million consisting of $69 million of development costs, $67 million of exploration costs, $12 million of leasehold acquisition costs, and $10 million of seismic and other exploration costs. Included in these totals are $10 million for leasing and seismic data for the Company's expansion into the deeper waters of the Gulf of Mexico. Total dry hole costs included in the capital expenditures were $12 million. Year-end 2003 reserves were 212 Bcfe, and the Company produced 38.1 Bcfe during 2004. Final audited results will be released before the market opens on March 7, 2005. James A. Watt, Chairman and CEO, will host a conference call and webcast on Monday, March 7, 2005, at 3:00 P.M. Eastern Time (2:00 P.M. Central Time). Guidance and targets for 2005 will be provided in the conference call. The webcast and slide presentation can be accessed at http://www.remoil.net/ . The teleconference can be joined at 1-800-706-3705. International calls can join at 1-706-679-5649. This event will last approximately 30 minutes. The webcast will be available for one week following the event. A replay of the call will be available from two hours after completion of the conference by dialing 1-800-642-1687, or international calls 1-706-645-9291, conference ID #4106656. 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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