Barry...this was 2 days ago...it started tanking...halted...this was released...
South Lakeside well abandoned; Flat Lake operations continue
Olympic Resources Ltd
ORL
Shares issued 9,639,378
1998-07-10 close $0.37
Monday Jul 13 1998
Mr. Daryl Pollock reports
The well drilled on the company's South Lakeside prospect, Cameron Parish, Louisiana, is currently
being abandoned.
The wildcat well, No. 1 Miami Corp., in which Olympic holds a 17.25 per cent working interest was
drilled to total depth of 17,562 ft with the oligocene miogypsonoide sands as the principal objective.
The well encountered a full section of miogypsonoide sand, 2,000 ft high to a key well located 2.5 miles
to the west. However, while the uppermost sand appears from log calculations to be natural gas bearing,
it was not of sufficient thickness to be commercial and the lower miogypsonoide sands appear tight.
Following a detailed review of the electric logs, a decision was reached to abandon the well, which
operation is presently being conducted.
Olympic remains well-financed with over $2,000,000 or 20 cents per share in the treasury. The
company continues to increase its cash flow on its Flat Lake gas property in northern Alberta through the
tie-in of two additional wells. It is assessing other higher risk exploration prospects for future
participation. |
