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Gold/Mining/Energy : Olympic Resources ORL:VSE
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To: burner who started this subject12/1/2000 11:10:56 AM
From: burner   of 95
 
Date: November 28, 2000
TYCOON #1-3 OPERATIONS COMMENCE
For Immediate Release

Olympic Resources Ltd. (“Olympic”) has been advised that operations have commenced on the Tycoon #1-3 well to be drilled on the Tycoon project in Glenn and Tehema County, California. Olympic has a 17.875% working interest in this well.

The Tycoon 1-3 will test two primary targets in the Cretaceous Forbes Sand defined from 3-D seismic data which show two bright spots with superb amplitude and AVO characteristics. The targets are similar to those in the adjacent East Rice Creek gas field which has an average pool size of 2BCF. The bright spots occur within discontinuous turbidite sands that feather out onto a westerly rising structure which is a typical structural gas trap within the adjacent East Rice Creek gas field. The main lower target at 4,675 feet is 40 acres in size (comparable to an average East Rice Creek pool). It also has a favorable north-south depositional orientation similar to most East Rice Creek amplitude anomalies. The upper anomaly at 4,450 feet is larger at 88 acres but has lower overall amplitude.

The Tycoon is located near Olympic’s Wilson 2-20 well currently producing over 2 MMCF/day.

OLYMPIC resources ltd.

Daryl Pollock

PRESIDENT
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