Remington Oil to pay $15M for offshore leasesAnd operate all eight lease blocks. Dallas-based Remington Oil (NYSE: REM) is an oil and gas exploration and development company. I do not think this is such a great deal and they spent $15M for offshore leases. Then they are going to have spent more money for expenses for exploration and development.Add this up with a forth quarter loss, they are burning through cash and creating more debt. I full expect that during this year there is going to be a major pull back on stocks. This on is starring us in the face. I am selling and taking profits.This is my opinion, you can form yours.