Remington Oil and Gas Corporation Apparent High Bidder on 2 Gulf of Mexico Offshore Lease Blocks
Posted on: Wednesday, 17 August 2005, 18:00 CDT
DALLAS, Aug. 17 /PRNewswire-FirstCall/ -- Remington Oil and Gas Corporation was the apparent high bidder on two (2) offshore lease blocks at the OCS Sale 196 held in New Orleans, Louisiana today. The Company's net financial exposure, if both blocks are awarded, totals $1.6 million. Remington will operate both blocks if awarded.
Of the 2 lease blocks, 1 lease block was on the shelf, and 1 lease block was in deeper water.
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/ .
Remington Oil and Gas Corporation
CONTACT: Steven J. Craig, Sr. Vice President of Remington Oil and GasCorporation, +1-214-210-2675
Web site: http://www.remoil.net/
Source: PRNewswire-FirstCall
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