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Gold/Mining/Energy : Olympic Resources ORL:VSE

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To: burner who started this subject	8/16/2000 8:36:23 PM
From: burner	of 95

CALIFORNIA GAS WELL UPDATES For Immediate Release Pilgrim #44-8 Olympic Resources Ltd. ("Olympic") is pleased to announce that it has successfully drilled the Pilgrim #44-8 well on the Rancho Capay gas field in Tehema County, California. Olympic holds a 20% working interest (16% net revenue interest) in the well which will be put on initial production by late August. The well encountered two separate gas zones. The first zone intersected 10 feet of Eocene sands at 1,730 feet and occurs as a depletion-drive reservoir. 3-D seismic data indicates this reservoir covers 100 acres with at least three more additional targets over this area. This target was defined as an extremely bright Eocene anomaly which appears to be controlled by three-way closure in an up thrown 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 1950’s 1.8 miles east of the property flowed 10 MMCF/day from this Eocene target before failing due to technical problems. A second 14 foot zone intersected a water-drive reservoir at 4,042 feet in the Cretaceous Kione section. 3-D seismic data indicates this reservoir covers 100 acres and will also be considered for future targets. This reservoir appears to be a discontinuous sand that filled up a fault block. Four other wells within a half mile from the Pilgrim prospect are currently producing from this Kione section. Olympic and its partners are currently reviewing seismic and well data to confirm a follow-up well on the Pilgrim prospect to be drilled in the near future. Wilson #2-20 The Wilson #2-20 gas well in Tehema County, California which was successfully drilled in July, has been put on initial production at a rate of approximately 2.5MMCF/day. Payback for this well is expected to occur within three months. Olympic and its partners are currently acquiring additional seismic data to confirm a follow-up well on the Wilson prospect. SE Garrison City #1 The SE Garrison City #1 gas well has been producing since late May at approximately 2MMCF/day. Monthly cash flow from the Garrison well has averaged US$18,000 per month.

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