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                                                                    EXHIBIT 20.1

                    
                       PRESS RELEASE
                       FOR IMMEDIATE
                       RELEASE
                       CONTACT:
[REMINGTON LOGO]       STEVEN J.
                       CRAIG
                       SR. VICE
                       PRESIDENT
                       (214)
                       210-2675



                     REMINGTON OIL AND GAS CORPORATION AND
                  PHILLIPS PETROLEUM COMPANY SETTLE LITIGATION

     Dallas, TX, May 22, 2001, -- Remington Oil and Gas Corporation (NASDAQ NMS:
ROIL and PCX symbol REM.P) announced it has settled all litigation with Phillips
Petroleum Company (NYSE: P) and acquired Phillips' Net Profits Interest in Block
89, South Pass Area, offshore Louisiana. In consideration for the settlement and
assignment of the net profits interest, Remington will pay Phillips $21.25
million in cash and issue Phillips up to 1,189,343 shares of Remington stock.

     Phillips will have the right within the next six months to sell the stock
in the open market at prices above $17.867 per share until their net proceeds
from the sale are $21.25 million. If the market price is less than $17.867 per
share after 31 days following this agreement, Remington will purchase back from
Phillips up to 100,000 shares per week at $17.867.

     Through the date of this agreement, Remington has accrued $20.2 million as
litigation expense. In the first quarter of 2001, all expenses associated with
the net profits interest and associated litigation were approximately $1.0
million net to Remington. This settlement eliminates these expenses in the
future.

     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, results of exploration,
exploitation, development and acquisition expenditures, and reserve 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 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.

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