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Gold/Mining/Energy : Olympic Resources ORL:VSE
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To: knight who wrote (36)9/5/2000 11:30:15 PM
From: burner   of 95
 
Olympic board reappointed; California update
Olympic Resources Ltd ORL
Shares issued 11,994,378 Sep 1 close $0.47
Tue 5 Sept 2000 News Release
Mr. Darryl Pollock reports
Olympic Resources held its annual general meeting in Vancouver on Aug. 31,
2000, and the following persons were reappointed to the board of directors:
Daryl Pollock, president and chief executive officer; Patrick Forseille,
chief financial officer; Dr. Ken Friedman; Dr. David Cooke; John Pierce;
and Peter Jensen.
The company has provided an update on its oil and gas operations in
California.
Pilgrim No. 44-8
The Pilgrim No. 44-8 well on the Rancho Capay gas field in Tehema county,
California, was successfully drilled and tested in August. Olympic holds a
20-per-cent working interest in the well which will be put on initial
production later this month.
Olympic and its partners are currently reviewing seismic and well data to
confirm a follow-up well on the Pilgrim prospect to be drilled in the near
future.
Wilson No. 2-20
The Wilson No. 2-20 gas well in Tehema county was successfully drilled in
July. The current daily rate of production is approximately three million
cubic feet a day. Olympic and its partners are currently acquiring
additional seismic data to confirm a follow-up well on the Wilson prospect.
SE Garrison City No. 1
The SE Garrison City No. 1 gas well has been producing since late May at
approximately two million cubic feet a day.
Management expects that total production from the three wells, once the
Pilgrim well is tied in, will result in monthly cash flow to Olympic of
approximately $100,000 (U.S.) per month.
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