Remington aiming to boost production, reserves by 15 percent

Ray Tyson

Petroleum News Houston correspondent

Remington Oil & Gas, a small but rapidly growing independent, has set its sights this year on increasing both production and reserves by 15 percent over 2003 levels through its ongoing exploration and production program, the company said March 5.

For the full-year 2003, Dallas-based Remington reported that oil and gas production increased by 25 percent to 34.8 billion cubic feet of gas equivalent compared to 27.8 bcf in 2002. In the 2003 fourth quarter alone, Remington’s production increased 54 percent versus the same period a year earlier.

Remington’s year-end 2003 reserves were 212 bcf of gas equivalent, up from 204 bcf of equivalent reported at year-end 2002.

Higher volumes, coupled with a 61 percent increase in gas prices and a 21 percent in oil prices, propelled Remington’s net income roughly nine-fold to $8.9 million or 32 cents per share on revenues of $47.7 million, compared to net income of $855,000 or 3 cents per share on revenues of $27.7 million for the same period a year earlier.