Remington Announces Acquisition of Interests in 10 Offshore Blocks From Union Pacific Resources Company -UPR-.

DALLAS--(BUSINESS WIRE)--Oct. 30, 1998--Remington Oil and Gas Corporation, (NASDAQ NMS: ROILB and ROILA, and PCX symbol: REMB.P and REMA.P), announced today the acquisition of interests in 10 offshore blocks from UPR.

Seven of the blocks are producing, one anticipated to come on production before year-end and two undeveloped. The blocks are on the offshore Louisiana and Texas shelf in water depths less than 400 feet. Interests vary from 5% to 100%, with all of the producing properties being non-operated. The effective date of the transaction is September 1, 1998 with an anticipated closing prior to year-end. Unaudited reserves for the blocks are approximately 7 BCFE with a purchase price of $7.65 million.

Included in the purchase is a 50% working interest in Eugene Island Block 148. On that block, the OCS-G-13620 #1 Well, drilled and completed in March of 1998, encountered 63 feet of net gas pay in three Miocene sands. This well, which is operated by Samedan Oil Corporation, is awaiting pipeline connection with first production scheduled for December 1998. Additional exploratory drilling opportunities are available on the block.

Also included in the acquisition are interests in five producing fields covering seven blocks: Matagorda 587, Galveston 333, Eugene Island 297 and High Island A-340 and A-548. Remington's interests in these fields will be 8.75%, 40.9%, 20%, 5.0% and 5.0% respectively. Additional drilling opportunities exist on several of the blocks. Current net daily production attributable to these blocks totals 4.5 MMCF/day. A significant increase in the net daily production rate is expected following hookup of the Eugene Island Block 148 well.

James A. Watt, President and Chief Executive Officer of Remington commented, "This purchase enhances our offshore position both with additional production and new prospects for drilling. Because these properties are non-operated, no additional G&A expense will be incurred with the acquisition. We continue to look for quality acquisitions and new exploratory opportunities as we reinvest the approximately $50 million contract termination fee received from TETCO earlier in the year."

Remington Oil and Gas Corporation is an independent oil and gas exploration and production company headquartered in Dallas, Texas.

Statements concerning results of future exploration, exploitation, development and acquisition expenditures, and expenses, reserve and liquidity 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 both 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 as though fully set forth herein.