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Gold/Mining/Energy : Olympic Resources ORL:VSE

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To: burner who wrote (47)	8/3/2000 8:20:46 PM
From: burner	of 95

Olympic to participate in Pilgrim No. 44-8 well Olympic Resources Ltd ORL Shares issued 11,994,378 Aug 2 close $0.44 Thu 3 Aug 2000 News Release Mr. Daryl Pollock reports Olympic Resources has agreed to participate to the extent of a 20% working interest (16-per-cent net revenue interest) in the Pilgrim No. 44-8 well to be drilled on the Rancho Capay gas field in Tehema county in California. The Pilgrim No. 44-8 is a 5,500-foot vertical well testing four targets defined from seismic data. The primary target is an extremely bright Eocene anomaly at 1,800 feet covering 100 acres which appears to be controlled by three-way closure in an upthrown fault block. The western edge of this anomaly runs off prospect but the structure appears to be rolling down in this direction. The Moda 54-10, drilled in the 1950s 1.8 miles east of the property, flowed 10 million cubic feet a day from this Eocene target before failing due to technical problems. Two other deeper targets occur in the upper and lower Cretaceous Forbes sands. The upper Forbes sands has a bright spot in the same relative stratigraphic interval as the big Rancho Capay wells and has some similarity with those anomalies. The lower Forbes target also has good amplitudes and AVO. The anomaly does run off the southeast end of the company's data but is over one mile from the nearest Forbes producer. A fourth target occurs within the Cretaceous Kione section and also shows a fairly bright seismic anomaly. Four other wells within a half mile from the Pilgrim prospect are currently producing from the Kione and Forbes beds. This well is being spudded on Aug. 4, 2000.

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