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

To: Texas77 who wrote (32)	11/13/1997 5:30:00 PM
From: Flea	Read Replies (1) \| Respond to of 84

Hi, Dave...still hangin' in there huh?...I'm right with 'ya buddy....here's today's news release... Olympic Resources Ltd - Olympic Resources agrees to acquire Encal Energy's interests in Flat Lake area of Alberta Olympic Resources Ltd ORL Shares issued 5731878 1997-11-12 close $0.4 Thursday Nov 13 1997 Also Renaissance Energy Limited (RES) Also Encal Energy Ltd (ENL) Mr Daryl Pollock reports Olympic Resources has entered into an agreement with Encal Energy to purchase Encal's interest in 26 sections of land in the Flat Lake area of northeastern Alberta for a consideration of $940,000. This acquisition includes a 100% interest in four producing gas wells; 50% interest in a four million cu ft per day gas plant and the related gathering system; and 100% of the undeveloped lands. Renaissance Energy holds the remaining 50% interest in the gas plant and gathering system. The four producing wells are currently producing 900,000 cu ft per day. The property is expected to pay out in 1.6 years at current rates. There are three wells that can be tied-in immediately which will increase gas production to 2.1 million cu ft per day. Based on the increased production rate, payout should then occur in nine months. Olympic, as operator of the entire project will have a five-year gas purchase contract with Pan Alberta Gas in place until 2002. The average anticipated price Olympic will receive for its gas production in 1997 will be $1.80/mcf. This property, appraised at $1.7 million, discounted at 15%, should be significantly enhanced by further drilling of new wells and workovers of existing wells. In addition to the three wells to be tied-in there are six potential new drilling locations on the undeveloped lands already identified. This transaction will conclude on December 17 1997. A finder's fee is payable to Sunstar Energy. This acquisition represents the first step in diversifying Olympic's activities outside of Indonesia and is intended to provide a stable and secure base to ensure the company's future growth.