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

To: Alan Whirlwind who wrote (75)	6/5/2001 9:28:06 PM
From: burner	Read Replies (1) \| Respond to of 95

Olympic commences Coalinga No. 1 gas well drilling Olympic Resources Ltd ORL Shares issued 11,994,378 Jun 4 close $0.56 Tue 5 Jun 2001 News Release Mr. Daryl Polock reports Olympic Resources has been advised that drill site construction has commenced on the Olympic Coalinga No. 1 gas well located in Fresno county, California. Conductor pipe is being drilled and set in place and the spud date is expected to occur shortly after June 15 subject to availability of the drill rig. Olympic presently holds a 25-per-cent working interest in this prospect. The Coalinga Nose prospect consists of 5,000 acres of leased land and is located less than one mile southeast of the East Coalinga extension which has so far produced 503 million barrels of oil. The prospect is also less than one mile northwest of the Kettleman Hills field which has so far produced 2.9 trillion cubic feet and 458 million barrels of oil. To date, $2-million (U.S.) has been spent on the land including a 3-D seismic survey shot in 1997 covering 16 square miles including the prospect area. According to consulting engineer Mark Anderson this is a superior prospect based on a quality modern 3-D seismic grid, abundant and thoroughly mapped well control and both production and down dip shows in the target horizon. The 3-D seismic data clearly corroborate existing production from known stratigraphic and structural features from the Cretaceous Brown Mt. formation which is largely untested in this area. Only one well has penetrated the Cretaceous Brown Mt. sand within the seismic shoot area in 1942. This well had significant untested gas shows in the Brown Mt. sand from 11,455 feet to bottom. Originally drilled for oil, the off-scale gas shows at the bottom of the well were not tested and the well was abandoned due to a lack of natural gas market during World War II. Four-way closure can be observed within the prospect area where the Brown Mt. sand is up to 400 feet thick. The first prospect will be tested with a 12,000-foot well which will be located one mile to the northwest and 500 feet up dip of the 1942 well within the best amplitude response for this fault block. This prospect is the most aggressive undertaking by Olympic to date in its quest to become an established natural gas producer in the California market.