I see today's release as very encouraging. The company is indicating a need to increase awareness and found another way to improve the financial situation. Streamlining administration should save them a quarter million per year. Management seems to have a responsible respect for the treasury. They recently sold some of their interest in the SEMITROPIC for $145,000 US and should realize another $125,000 -$175,000 US in annual cash flow from their partnership with Source Energy. I liked the idea they mentioned the cash value/share in this release too. It is the one single thing that makes me realize there can be almost no downside risk. That plus the fact that they have NO DEBT!
If the ELH play takes off or ORL hits something at the Disco Inferno this stock could fly pretty high IMO.
Today's Release:
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Olympic enters investor relations agreement
Olympic Resources Ltd ORL
Shares issued 10,654,378 Dec 8 close $0.30
Thu 9 Dec 99 News Release
Mr. Daryl Pollock reports
The company has entered into an investor relations agreement with Heath
Ellingham under which the company will pay $3,000 per month to Heath
Ellingham, plus a stock option, in consideration for his services provided
under the agreement.
With the completion of the recent sale of the company's Flat Lake gas
facility in Alberta, the focus of Olympic's activities have substantially
reduced the need to maintain an office in Calgary. Thus, the company will
be closing its Calgary office on Dec. 31, 1999. All enquiries should be
directed to Olympic's head office in Vancouver.
Robert Martin has tendered his resignation as director and vice-president
of oil and gas. He will continue to provide his services on a consulting
basis, primarily for the company's California-based exploration activities.
Jim Gotmy will also continue to provide his services on a consulting basis.
Mr. Gotmy was previously vice-president of Canadian field operations.
With over $3-million working capital (30 cents per share), well-financed
Olympic continues to consider a variety of oil and gas opportunities,
primarily in California. The company currently has involvements in three
such projects:
Semitropic Syndicate which holds 4,500 acres of oil and gas leased lands
located in Kern county. The participants are developing plans to drill a
test well to the approximate depth of 18,500 feet in order to test the
subthrust fault play for Middle to Lower Miocene Monterey and Temblor
formation targets in the area.
Source Energy prospect in the drilling of three wells on approximately 800
net acres of oil and gas leased lands located in Kern county.
Disco Inferno prospect 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.
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