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

To: Alan Whirlwind who wrote (89)	11/3/2001 12:48:54 PM
From: burner	Respond to of 95

Date: November 1, 2001 COALINGA DRILLING RESUMES For Immediate Release Olympic Resources Ltd. (“Olympic”) reports that drilling operations from the OLYMPIC COALINGA NO. 1 gas well located in Fresno County, California are proceeding smoothly. The hole is currently at 10,418 feet and the primary target Brown Mt. Sand formation is expected to be penetrated at 10,800 feet shortly. Currently, the well is experiencing increased background gas which was present in the original hole prior to penetrating the Brown Mt. Sand. Olympic holds a 20.5% working interest in the Coalinga prospect with a 17.5% net revenue interest before payout and a 14.5% net revenue interest after payout. Prior to the commencement of drilling, a cased hole evaluation log (TMD-L) and a cased hole cement bond log were run over the secondary Martinez Sand target. The main intervals, 9,877’ to 9,896’ (19 feet), 9,899’ to 9,922’ (23 feet) and 9,924’ to 9,933’ (9 feet) have returned excellent resistivity and correlate to the Neutron curve on the Bond log indicating mostly sand throughout the interval. The Haliburton TMD-L logs reveal strong indications of hydrocarbons within these intervals confirming the live oil and gas shows encountered while drilling. Above average porosities are also indicated from these same intervals. These results correlate with the open hole mud log gas shows increasing overall confidence in the data. Other potential intervals are indicated but require further evaluation. Initial e-logs of the Brown Mountain Sands indicated potential net pay of between 50 to 100 feet. Equipment difficulties caused some delays in testing the extent of the secondary target, the Moreno Sands and during these logging delays, the well deteriorated below the 9,000 foot level requiring a sidetrack operation below this level to re-drill down to total depth. To date, US$ 5,000,000 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 the 3D seismic data “clearly corroborates 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 which had significant untested gas shows in the Brown Mt. Sand. 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. Olympic is a public oil and gas exploration company with a strategic focus on exploring for and developing significant oil and gas reserves. To date, the primary focus of our activity has been in California. Since our early involvement in this area in 1998, Olympic has established itself with a substantial acreage position covering several different oil and gas prospects. We continue to acquire acreage positions in exploration areas we have identified as having significant oil and gas reserve potential. OLYMPIC RESOURCES LTD.