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Gold/Mining/Energy : Olympic Resources ORL:VSE -- Ignore unavailable to you. Want to Upgrade?

To: knight who wrote (8)	11/9/1999 1:17:00 AM
From: burner	Respond to of 95

I hope to be able to bring a little info here. I have asked for some info from the office in Calgary (field operations mgr. and geologist are there) and am waiting for whatever they can, or are willing, to send to me. Sounds like they really like the Midway Premier deal and the 4,000 acres they have assembled. This is the area where the EKHO are deep drilling in the new year. Our boys are hoping for a test of the Mya sands to 4,000+ ft in Dec. The Source Energy partnership in the Buttonwillow, Garrison and Bowerbank areas is drilling and there has been mixed success. A drill there encountered a pay zone and a well will produce approx 2 Mmcf/d--close to existing pipelines and any shallow wells developed here can be tied in quickly. We should be able to get more details on this soon.

To: knight who wrote (8)	11/10/1999 11:48:00 AM
From: burner	Read Replies (1) \| Respond to of 95

GEOLOGICAL EVALUATION OF SEMITROPIC Olympic (ORL:VSE)is the operator of the prospect holding a 37.5% working interest. PRELIMINARY GEOLOGICAL EVALUATION OF THE SEMITROPIC PROSPECT SAN JOAQUIN BASIN FOR OLYMPIC RESOURCES--SEPTEMBER 21, 1999 by W.R May (P.Geol) Just the major points: CONCLUSIONS -leased 3,973 acres of mineral rights to ~ 25,000' (since added 972 adjoining acres) -San Joaquin Basin is a mature producing province with most production from horizons <12,000' -multiple horizon potential 8 geological horizons establised within basin Lost Hills Field, 6 miles west of Olympic's land produces from 5 horizons Semitropic Field 6 miles SW produces from 3 horizons -leases are 4 1/2 miles E of Bellevue Blowout -Most of hydrocarbons in GSJB discovered in lower portion of sedimentary section. (gets pretty technical here) -Hydrocarbon Charging of reservoirs is efficient relative volume of source rock to reservoir rock in basin is high-charging takes 2 forms: Shallow Biogenic Gas <4000' and Deeper Thermal Oil & Wet Gas >4000' (gives hydrocarbon types and depths) Top of Temblor ranges from 14,700'-16,300' optimal for Oil & Wet Gas -Trapping Mechanisms are combined structural/stratigrahic major fields located on structures where closures are measured in 1'000's of feet SEMITROPICPROSPECT is located on fault structure (Button Willow Fault) Strong potential for hydrocarbons to be trapped stratigraphiclly - RESERVES potential for hydrocarbons in all 10 of prospective HC bearing horizons MYA SANDS 2,800-3,800' Principal producers in Hinge Belt gas charged gas pay thickness from 1-50' avg 10-15' porosities from 20-36% avg 30% area of gas fields from 0.3-10 sections size of gas fields from 0.3-167 BCF avg 2.2BCF SEVEN KNOWN GAS FIELDS HARVESTER 1.3 BCF NW TRICO 2.7 BCF NW SEMITROPIC 0.5 BCF TRICO 167 BCF SEMITROPIC 15 BCF SHAFTER 2.1 BCF GARRISON CITY 2.3 BCF Chance of Success Shallow (Mya)- 36% Deep (Temblor)-18.5% RECOMMENDATIONS 1. two ECONOMIC CASES be run: MYA 3,800' 3 sections 12.5 BCF TEMBLOR 18,000' 2+ sections 80 BCF 2. integrated interpretation on Temblor Horizon to quantify size of structure 3. cuttings over Temblor to identify -sand compositions -porosity types -calibrate well logs 4. BVW log analyses on Temblor 5. production data be obtained from offsetting wells 6. more info be obtained on the 19-26S-22E well that was drilled in 1947 on the Mya prospect