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Gold/Mining/Energy : Olympic Resources ORL:VSE

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To: burner who wrote (30)	12/2/1999 12:27:00 AM
From: burner	Read Replies (1) of 95

Olympic's Semitropic drills first Mya sands target Olympic Resources Ltd ORL Shares issued 10,654,378 Nov 30 close $0.30 Wed 1 Dec 99 News Release Also Rocraven Resources Ltd (RVR) Also ITL Capital Corporation (ICL) Also Clifton Star Resources Inc (CFO) Also Goldwater Resources Ltd (GWR) Also Sur American Gold Corp (SUR) Also Braiden Resources Ltd (BZR) Mr. Daryl Pollock 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 completed drilling its first shallow target to a depth of 4,100 feet in the Mya sands. The hole was completed on Nov. 30, 1999, and no significant hydrocarbons were encountered. The syndicate is now developing plans to drill a separate test well on a deeper target with a much larger potential reservoir. This well will be drilled to the approximate depth of 18,500 feet to test the subthrust fault play for Middle to Lower Miocene targets in the area. This includes the Temblor formation which is the focus of tremendous interest in the oil and go industry since the blow out of Past Lost Hills Bellevue No. 1 in late November, 1998. The Semitropic syndicate holds a 100-per-cent working interest (75 per cent not 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 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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