Dallas-based independent Remington Oil & Gas Corp., which concentrates its operations onshore and offshore the Gulf Coast, said fourth quarter production jumped 7.2%, while 2004 natural gas and oil volumes grew 9.5%, both setting company records.

Oil and gas production in the final quarter increased to 10.4 Bcfe, compared with 9.7 Bcfe for 4Q2003. For the full year, output reached 38.1 Bcfe from 34.8 Bcfe in 2003.

Net income for 4Q2004 increased by $10.5 million to $19.4 million (67 cents/share), and for the year, increased by $18.1 million to $60.1 million ($2.14). Revenues increased by $21.7 million to $69.5 million in the final quarter, and for the year increased by $51.1 million to $234.1 million. Cash flow from operations was $60.1 million for the quarter and $188.6 million for the year.

Average daily production for the first two months of 2005 “has been below our 2004 exit rate principally due to increased production downtime and delays associated with wintertime platform and pipeline installations,” Remington said in a statement. However, the company estimates combined 1Q and 2Q2005 volumes to range between 105 and 116 MMcfe/d, with “the second and third quarter volumes ramping up due to the addition of our development projects scheduled to come online over the next four months.”

Remington also estimated that increased production volumes and reserves will be up 15% in 2005.

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