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Gold/Mining/Energy : Olympic Resources ORL:VSE
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To: knight who wrote (32)7/19/2000 1:14:41 PM
From: burner  Read Replies (1) of 95
 
Olympic Wilson prospect well results

Olympic Resources Ltd ORL
Shares issued 11,994,378 Jul 18 close $0.48
Wed 19 Jul 2000 News Release
Mr. Daryl Pollock reports
Olympic Resources and partners have successfully drilled the Wilson well in
the East Rice Creek gas field in Tehema county in California. Olympic holds
a 30-per-cent working interest (15-per-cent net revenue interest) in the
well.
The well encountered a depletion drive reservoir with four separate sand
zones having a net pay of 85 feet. The well will be initially tested at
approximately three million cubic feet a day of natural gas with a surface
pressure of 2,000 per square inch. Target beds are the Cretaceous Forbes
sands which are laterally discontinuous turbidites creating various types
of traps.
This well is a direct competitive offset approximately 250 feet south of
the Royale Victor Ranch No. 1-20 well drilled and completed June 13, 2000,
and currently producing two million cubic feet a day. The log from this
well suggests the Wilson well encountered the best looking gas sand of any
well in the East Rice Creek field. These data reveal excellent correlation
between the Royale 4,800-foot zone to the Wilson 4,800-foot zone with the
Wilson zone in an up-dip location to the Royale well. The most likely
scenario to explain why the Royale well was drilled so close to the Wilson
lease line is the presence of an anomaly beginning on the south edge of its
3-D data set and brightened as it exited its data set to the south and
up-dip onto the Wilson acreage.
Olympic and its partners are currently acquiring additional seismic data to
confirm a follow-up well on the Wilson prospect.
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