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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: LostHillsGuy who wrote (5655)	10/11/1999 8:53:00 PM
From: ogod	Respond to of 15703

thank you lhg, any new gas readings? thank you

To: LostHillsGuy who wrote (5655)	10/11/1999 9:00:00 PM
From: 1st.mate	Read Replies (2) \| Respond to of 15703

Olympic Updates Semitropic Prospect Olympic Resources Ltd ORL Shares issued 10,654,378 Oct 7 close $0.35 Fri 8 Oct 99 Olympic Resources Ltd. ("Olympic") is pleased to announce that is has leased 972 gross acres and 564 net acres on behalf of the SEMITROPIC Syndicate in addition to the 3,973 net acres the syndicate presently holds in the San Joaquin Basin, Kern County, California. This represents one of the largest contiguous blocks of land in the San Joaquin Valley near the Lost Hills play. Olympic holds a 37.5% working interest in the syndicate and is the operator. These newly leased lands adjoin the original block and contain all mineral rights including the Temblor Formation. The Temblor is the focus of tremendous interest in the oil and gas industry since the blow out of East Lost Hills Bellevue #1 in late November 1998. The recent activity at Cal Canal suggests that most, if not all structures in the deeper part of the Basin, the so-called "Hinge Zone", are filled with hydrocarbons. The Olympic SEMITROPIC syndicate has leased lands 4.5 miles east of the East Lost Hills well over a portion of a deep seated structure called the Buttonwillow fault, a major geological feature readily apparent on the seismic data. The syndicate has acquired an extensive seismic and geological data base over its lands and adjoining acreage that indicate potential hydrocarbon traps in sands in the Temblor Formation. A separate syndicate described as the EKHO project have announced that they are preparing to drill a 17,000-foot well into a trap identical to that found on the SEMITROPIC prospect along the same geological trend. In addition to the deep play, the syndicate has identified on seismic data several shallower targets at depths of around 3,800 feet. The first of these targets will be tested with a well that is projected to commence drilling on November 1, 1999. The SEMITROPIC Syndicate consists of the following participants: Olympic Resources Ltd. (Operator) 37.5%; Dasher Energy Corp. 25%; Anthian Resource Corp. 10%; Goldwater Resources Ltd. 10%; Clifton Star Resources Inc. 7.5%; Herrimen Oil & Gas Inc. 5%; ITL Capital Corp. 5%. Olympic is also participating in a three well program in the San Joaquin basin as announced on September 21, 1999, where it holds a 13 1/3% working interest to casing point and a 10% working interest after casing in the three well program. The results of this program will be announced upon its completion later this month. Since the sale of its Flat Lake Gas Project in Alberta in August, Olympic has turned its focus to opportunities primarily in Kern County, California. Olympic presently has in excess of $3,000,000 in its treasury and is reviewing several new oil and gas opportunities. OLYMPIC RESOURCES LTD. Daryl Pollock, President The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. Head Office: 1955 - 99 West Hastings Street Vancouver, B.C., Canada V6C 2W2 Tel. (604) 689-1810 Fax (604) 689-1817 Calgary Office: 1560 - 700 - 6th Avenue S.W. Calgary, Alberta, Canada, T2P 0T8 Tel. (403) 705-0447 Fax (403) 705-0495