Contra Costa County Prospect
Olympic grooves on Disco Inferno well
Olympic Resources Ltd ORL
Shares issued 11,994,378 Jan 11 close $0.43
Mon 15 Jan 2001 News Release
Mr. Daryl Pollock reports
Further to the company's news release in Stockwatch Nov. 16, 1999, Olympic
Resources has agreed to participate in the Disco Inferno well in Contra
Costa county, California. Olympic will have a 20-per-cent working interest
in the 7,000-foot well situated on 94 acres of oil and gas leases.
The prospect is a 2-D subsurface play for a westward extension of the
prolific South Oakley field (72 billion cubic feet). The Disco Inferno well
will test the 3rd Massive Sand of the Cretaceous Mokelumne formation. After
detailed analysis, it is believed an approximate 100 feet of the 3rd
Massive Sand remnant is located across the Del Barba fault in the up-thrown
block. The Disco Inferno is immediately west of the famous WCOC Cesa No. 1
gas well drilled in 1983, situated across the Del Barba fault. The Cesa
well is still listed as having the highest absolute open hole potential of
any well in California history. This well has produced over 11 billion
cubic feet of over 1,000-Btu (British thermal units) gas to date, initially
producing over 40 million cubic feet/day.
Olympic and partners have accumulated all available 2-D seismic line data
in this area and have an excellent understanding of the area geology and
structure. The South Oakley gas field is created by a high ridge in the
base of the northwest-southeast trending Eocene aged Meganos gorge. The
underlying 3rd Massive Sand of the Cretaceous Mokelumne River formation is
a part of a northeast dipping Cretaceous homocline. The area is bisected by
several large north-south trending, east dipping normal faults. The gorge
high acts to preserve an island of 3rd Massive Sand before the base of the
sand is truncated on the south end of the field by the gorge. The north end
of the field is controlled by an abrupt gas/water contact. The normal
faults within the field acts as seals and are productive on both sides
within the field boundaries. The Disco Inferno will attempt to extend the
western limits of the field on the up thrown side of the Del Barba fault
before the 3rd Massive Sand is eroded by the westward diving gorge.
Seismic data reveal a bright spot directly west of the Del Barba fault
within the project area. This bright spot is believed to be the up-thrown
section of the 3rd Massive Sand. Two previous holes were drilled after this
target but came in below the 3rd Massive Sand. Information from these holes
has greatly increased present understanding of the structure in the
immediate area reducing drilling risk significantly. Most of the risk of
this play is whether the gorge rose fast enough west of the fault to
preserve sand at the base of the 3rd Massive Sand. There is good subsurface
control to show that there should be a maximum of 180 feet of preserved
basal 3rd Massive Sand left within the Disco Inferno target area.
Final permitting has now been received and drilling operations are due to
commence within one week.
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This next release concerns the same well but issued by a partner with the latitude given to them by nature of their pink sheet trading status. Notice the difference in the release-CDNX far more restrictive.
newsalert.com
January 09, 2001 14:03
WesPac Technologies Corp. Announces Interest in California Gas Wells
Jump to first matched term
DALLAS--(BUSINESS WIRE)--Jan. 9, 2001--WesPac Technologies Corp. (Pink Sheets:WPTE) has entered into a joint-venture agreement with Olympic Resource Ltd. (CDNX:ORL) to drill and complete a new extension of the South Oakley Field, in Contra Costa County, Calif.
The Disco Inferno No. 1-1 will be drilled to a depth of 8,200 feet, offsetting several prolific gas wells.
Reserves are expected to be more than 8 billion cubic feet of gas, with daily production of approximately 7 million to 8 million cubic feet of gas. At the current price of $15 per thousand, total reserves are estimated to be $120 million.
Other partners in the project will be Sunset Exploration Inc., Production Specialties Co. and Vaughan Exploration Inc., with the well being spudded by Jan. 19, 2001.
WesPac Technologies is a domestic oil and gas exploration, production, acquisition and service company with headquarters in Dallas. WesPac's primary strategy is to acquire domestic and foreign oil and gas wells and/or fields. WesPac can also utilize the WP-2000 Stimulator tool to increase production on certain wells.
This news release contains forward-looking statements relating to future revenues and operating information and their impact on future results; actual results could differ materially from those projected in the forward-looking statements as a result of risk factors such as the availability of sufficient capital on terms favorable to the company, market conditions, technology, the usual difficulty in introducing a new product, and the uncertainty of market conditions.
CONTACT: WesPac Technologies Corp., Dallas
Terrence A. Tecco, 972/987-5522
or
Princeton Research Inc., Las Vegas
Mike King, 702/650-3000 |
