Olympic sells interest in Semitropic syndicate
Olympic Resources Ltd ORL
Shares issued 10,654,378 Nov 19 close $0.32
Fri 19 Nov 99 News Release
Mr. Daryl Pollock reports
Olympic Resources has sold a 12.5-per-cent interest in the Semitropic
syndicate to Sur American Gold Corporation for $145,000 (U.S.). The
Semitropic syndicate holds a 100-per-cent working interest (75-per-cent net
revenue interest) in 4,500 acres of oil and gas leased lands located in
Kern county, Calif.
The company continues to retain a 25-per-cent working interest in the
syndicate and is the project manager.
Mr. Pollock also reports
The Semitropic syndicate consists of the following consortium of companies
of which Olympic is the syndicate manager:
Olympic Resources (Arizona) Ltd.
VSE: ORL
Working interest (WI): 25%
Net revenue interest (NRI): 18.75%
Dasher Energy Corp.
VSE: DHR WI: 25% NRI: 18.75%
Sur American Gold Corporation
VSE: SUR WI: 12.5% NRI: 9.375%
Goldwater Resources Ltd.
VSE: GWR WI: 10% NRI: 7.5%
Clifton Star Resources Inc.
VSE: CFO WI: 7.5% NRI: 5.625%
Herriman Oil & Gas Inc.
PRIVATE WI: 5% NRI: 3.75%
ITL Capital Corp.
VSE: ICL WI: 5% NRI: 3.75%
Braiden Resources Ltd.
VSE: BZR WI: 5% NRI: 3.75%
Rocraven Resources Ltd.
VSE: RVR WI: 5% NRI: 3.75%
The Semitropic syndicate has signed a joint operating agreement with
Production Specialties Company, Bakersfield, Calif. Preparation work has
now commenced to drill its first shallow target to a depth of 4,100 feet in
the Mya sands. The planned spud date is Nov. 24, 1999.
The Semitropic syndicate holds a 100-per-cent working interest (75-per-cent
net revenue interest) in 4,500 acres of oil and gas leased lands in Kern
county, Calif. this represents one of the largest contiguous blocks of land
in the San Joaquin Valley near the Lost Hills play. The participants are
also developing plans to drill a test well to the approximate depth of
18,500 feet to test the subthrust fault play for Middle to Lower Miocene
targets in the area.
The Temblor is the focus of tremendous interest in the oil and gas industry
since the blowout of East Lost Hills Bellevue No. 1 in late November, 1998.
The recent activity at Cal canal suggests that most, if not all, structures
in the deeper part of the basin are filled with hydrocarbons.
The syndicate property lies 4.5 miles east of the East Lost Hills well over
a portion of a deep-seated structure called the Buttonwillow fault, a major
geological feature readily apparent on the seismic data. The syndicate has
acquired an extensive seismic and geological database over its lands and
adjoining acreage that indicate potential hydrocarbon traps in sands in the
Temblor formation.
A separate syndicate described at the Ekho project recently announced that
site preparation has begun for the first well of its deep oil and gas
exploration play. The Ekho project's chosen location lies approximately
three miles southeast of the Semitropic syndicate lands in a trap very
similar to that found on the Semitropic prospect along the same geological
trend.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
Mr. Darryl Pollock of Olympic Resources reports
The Semitropic syndicate consists of the following consortium of companies
of which Olympic is the syndicate manager:
Olympic Resources (Arizona) Ltd.
VSE: ORL
Working interest (WI): 25%
Net revenue interest (NRI): 18.75%
Dasher Energy Corp.
VSE: DHR WI: 25% NRI: 18.75%
Sur American Gold Corporation
VSE: SUR WI: 12.5% NRI: 9.375%
Goldwater Resources Ltd.
VSE: GWR WI: 10% NRI: 7.5%
Clifton Star Resources Inc.
VSE: CFO WI: 7.5% NRI: 5.625%
Herriman Oil & Gas Inc.
PRIVATE WI: 5% NRI: 3.75%
ITL Capital Corp.
VSE: ICL WI: 5% NRI: 3.75%
Braiden Resources Ltd.
VSE: BZR WI: 5% NRI: 3.75%
Rocraven Resources Ltd.
VSE: RVR WI: 5% NRI: 3.75%
The Semitropic syndicate has signed a joint operating agreement with
Production Specialties Company, Bakersfield, Calif. Preparation work has
now commenced to drill its first shallow target to a depth of 4,100 feet in
the Mya sands. The planned spud date is Nov. 24, 1999.
The Semitropic syndicate holds a 100-per-cent working interest (75-per-cent
net revenue interest) in 4,500 acres of oil and gas leased lands in Kern
county, Calif. this represents one of the largest contiguous blocks of land
in the San Joaquin Valley near the Lost Hills play. The participants are
also developing plans to drill a test well to the approximate depth of
18,500 feet to test the subthrust fault play for Middle to Lower Miocene
targets in the area.
The Temblor is the focus of tremendous interest in the oil and gas industry
since the blowout of East Lost Hills Bellevue No. 1 in late November, 1998.
The recent activity at Cal canal suggests that most, if not all, structures
in the deeper part of the basin are filled with hydrocarbons.
The syndicate property lies 4.5 miles east of the East Lost Hills well over
a portion of a deep-seated structure called the Buttonwillow fault, a major
geological feature readily apparent on the seismic data. The syndicate has
acquired an extensive seismic and geological database over its lands and
adjoining acreage that indicate potential hydrocarbon traps in sands in the
Temblor formation.
A separate syndicate described at the Ekho project recently announced that
site preparation has begun for the first well of its deep oil and gas
exploration play. The Ekho project's chosen location lies approximately
three miles southeast of the Semitropic syndicate lands in a trap very
similar to that found on the Semitropic prospect along the same geological
trend.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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Russet--Didn't mean to be belligerent with my reply to your post. I just hate to see media opportunists at work. That whole situation was very sad and I hope for the best outcome to those whom must intimately deal with it.
Dan |
