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Gold/Mining/Energy : Olympic Resources ORL:VSE

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To: burner who started this subject	1/19/2001 2:26:28 AM
From: burner	of 95

Olympic participates in Stayin Alive Olympic Resources Ltd ORL Shares issued 11,994,378 2001-01-17 close $0.48 Thursday Jan 18 2001 News Release Mr. Daryl Pollock reports Olympic Resources has agreed to participate in the Knightsen Stayin Alive gas well in Contra Costa county, California. Olympic will have an 11-per-cent working interest in the 9,500-foot well situated approximately two miles northeast of the recently spudded Disco Inferno well currently being drilled by Olympic and partners. The prospect is located one mile northeast of the South Oakley/East Brentwood gas fields (118 billion cubic feet combined previous production, 72 billion cubic feet/46 billion cubic feet) and one mile south of the Dutch Slough gas field (125 billion cubic feet). The prospect is a southerly step-out well from the Dutch Slough field which has a south-dipping homocline on the base of the Meganos Gorge unconformity. This feature provides for three sides of closure with the north-dipping pregorge structure controlling the final aspect. Both the first and second Massive Sand is productive but the gorge does not cut deep enough in Dutch Slough to erode the third Massive Sand. Current production is from the top of the third Massive Sand and has an active water drive which serves to the company's advantage since its location has many individual sands within the third Massive Sand up dip from both watered-in production as well as strong gas shows. The location of the Stayin Alive well is positioned on the southern edge of the Dutch Slough homocline to allow for three-sided closures. As with Dutch Slough, the pregorge structure will provide the company with northerly closure. This prospect was re-evaluated after two area wells found that gas could be trapped within the regional shale membranes within the third Massive Sand. Previously, area operators believed this South Dutch Slough extension was limited to only the true top of the third Massive Sand. The company now has examples of over eight individual sands producing from within the third Massive Sand. These target sands are approximately 75 to 100 feet high from adjacent abandoned production. Drilling operations are due to commence Jan. 20.

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