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Gold/Mining/Energy : Olympic Resources ORL:VSE

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To: burner who started this subject	8/28/2001 6:53:13 PM
From: burner	of 95

Olympic arranges one million unit private placement Olympic Resources Ltd ORL Shares issued 12,214,378 Aug 28 close $0.59 Tue 28 Aug 2001 News Release Mr. Darryl Pollock reports Olympic Resources holds a 32-per-cent working interest in the East Corning project in Tehema county, California. The East Corning project consists of 6,500 acres in oil and gas leases and over 25 miles of 2-D seismic data. The project is 100 miles north of Sacramento within the main Forbes depositional fairway at the northern portion of the Sacramento Valley gas trend. Olympic and partners are currently conducting a 3-D seismic survey over the prospect in order to identify the best targets in this field. Results from this survey will be available in October, 2001, and permitting for three drill locations is under way for wells to be completed this year. The property lies adjacent to the Corning gas field to the east and directly north of the Rice creek gas field. It is analogous to the East Rice creek field and is one of the few underexplored regions remaining in California. Well density and Forbes penetrations are sparse within the project area. The East Corning project has never received 3-D seismic coverage despite being on trend with prolific Forbes production to the south. The 3-D coverage directly south of the project has established numerous pools including Rice creek (35 billion cubic feet -- primarily Forbes) and Malton Black Butte field (132 billion cubic feet -- Rione and Forbes). The closest significant Forbes production to the project area is from Rice creek where production from the lower Forbes section is most common. The primary target is the upper cretaceous Forbes formation which has thick sections of Forbes sands and comprise turbidite fans and channel-levee complexes. The sands were deposited from north to south as turbidite fans. The primary trapping mechanism in East Corning is stratigraphic although general structural bowing, regional folding and general northwest/southeast faulting with some cross-faulting are anticipated to enhance gas entrapment. Additional existing 2-D seismic data produced prior to the development of the AVO process has been acquired and reprocessed by Olympics geologists. The reprocessed data accumulated to date has already identified several prospective drill targets. Given the anticipated activity on the East Corning property, the company considers it prudent to maintain a strong working capital position and has therefore negotiated a private placement providing for the placement of one million units at 50 cents per unit. Each unit will consist of one common share of the company and one two-year non-transferable share purchase warrant entitling the holder to purchase one additional common share of the company for 60 cents. This transaction is subject to acceptance for filing by the Canadian Venture Exchange.

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