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Gold/Mining/Energy : Olympic Resources ORL:VSE

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To: knight who wrote (11)	11/16/1999 8:02:00 PM
From: burner	of 95

Deep Well NEWS Release: Olympic finally released some news today. After reading this I phoned the field operations Mgr.. in Calgary and got a tad more information on this announcement. This will be an "exploratory" well and is located 1/4 mile from a 40 Million Cu. Ft. per day (40 mmcf/day) producing well. The balance of this well is suspected to be up dip on the other side of the Del Barba Fault. If this comes in the company conservatively estimates potential production of 10 mmcf/day. Current gas prices would indicate a monthly net revenue for the company to be approximately $200,000 USD. This would be huge for the company. This company has $3,000,000 Cdn in the treasury and are the operator of the SEMITROPIC Syndicate (37%) holding over 4,500 net acres of contiguous land near the East Lost Hills area in California. They are involved in shallow well drilling and tie in but are watching what their neighbours are dong with the deep well drilling going on at the Cal Canal and the Bellevue. It looks as thought the company is close to getting a website up at orlresources.com --------------------------------------------------------------------------- Olympic to participate in California wildcat well Olympic Resources Ltd. Toll-Free 800 570-8733 ORL Shares issued 10,654,378 Nov 15 close $0.32 Tue 16 Nov 99 News Release Mr. Patrick Forseille reports The company has committed to participate in the drilling of an 8,200-foot wildcat test well in the South Oakley area of Northern California to test the third massive sands. Olympic will pay 50 per cent of the drilling costs to casing point and revert to a 37.5-per-cent working interest following. The total drilling cost to casing point is estimated to be $275,000, of which Olympic's share is $137,500 (U.S.). The well is expected to be spudded in January.

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