If you want to send a reminder about an event, expand the "Set a reminder" section of the Event Editor by clicking on its title:

Use the drop-down box to choose when you want the reminder to be sent. Options range from 15 minutes to 2 weeks prior to the event.

The default Email Address used for reminders is set to the email address you supplied when you joined localendar. Instructions for changing it are located here.

What is the Difference between the Email List 1 and Email List 2 Fields?

There isn't one! Both fields work as placeholders for entering email addresses that will be used to send reminders.
You can add multiple addresses to each field by separating them with a comma.

Sending Reminders to a Large Group of Recipients

If you have tried to enter more than 6 or 7 email addresses into the Reminder fields, you'll find that you have run out of room. But what if you have to send reminders to a large group of people? How can this be accomplished?

Even if we made the field larger, you probably don't want to enter a bunch of email addresses on a single event. What you really want is a single email address that will automatically go out to your entire group. This way, you can use that single address on multiple events. If someone joins or leaves your group, you just edit the group membership instead of updating all of your events.

Fortunately, there are free resources on the web that will allow you to create and manage an email group. Two of the more popular ones are Yahoo Groups! and Google Groups

How Do I Remove All Reminders from an Event?

Close the "Set a reminder" section of the Event Editor by clicking on its title:

After you Update the event, it will no longer send any reminders.