Olympic Resources - ORL,v Message Board

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Gold/Mining/Energy : Olympic Resources - ORL,v

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To: Texas77 who wrote (62)	4/2/1998 5:16:00 PM
From: Flea	of 84

Olympic Resources Ltd - Negotiations to expand oil and gas portfolio Olympic Resources Ltd ORL Shares issued 5731878 1998-04-01 close $0.46 Thursday Apr 2 1998 Mr Daryl Pollock reports Olympic Resources is in negotiations with various parties with a view to expanding its oil and gas portfolio and supplementing its Flat Lake, Alberta, interests. In this regard, it has reached an advanced stage of negotiations to acquire a working interest in up to 2,982 net gross acres of oil and gas lands in Louisiana. Olympic hopes to settle the business terms of the transaction the next week in light of the operator's proposal to re-enter and deep-test drill an existing well on the Louisiana play before June 1998. To position itself to secure the transaction, Olympic has agreed to a $350,000 private placement consisting of 1,000,000 special warrants at $0.35. Each special warrant will entitle the holder to exchange it, for no additional consideration into one unit of Olympic consisting of one common share and one two-year warrant, with each such warrant entitling the holder to purchase one additional common share of Olympic for $0.35 during the first year of the warrant and for $0.40 during the second year of the warrant.

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