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

To: Texas77 who wrote (70)	4/6/1998 11:57:00 PM
From: Flea	Respond to of 84

*Farmin agreement with Diaz Resources* Olympic Resources Ltd ORL Shares issued 9,639,378 Apr 6 close $0.68 Mon 6 Apr 98 News Release Mr Daryl Pollock reports Olympic Resources has entered into a farmin agreement with Diaz Resources in relation to Diaz's 23% interest in the South Lakeside prospect in Cameron Parish, Louisiana. Olympic will pay Diaz's share of the drilling and completion costs of an 18,000 foot re-entry and sidetracking operation from an existing cased wellbore on the property, to earn 75% of Diaz's interest in 2,982 gross acres of land on the prospect. Following completion of the well, Olympic will hold a 17.25% interest and Diaz will hold a 5.75% interest in the well and lands. Canaccord Capital is receiving a fee as finder and financial adviser of 350,000 special warrants in connection with the acquisition. The special warrants are exchangeable, at no additional consideration for a warrant which will entitle the holder to acquire 350,000 shares at $0.50 for one year. According to industry sources, this prospect is a high impact Oligocene Miogypsinoides gas prospect, which could contain in excess of 500 billion cubic feet of natural gas reserves, with production rates of 20 to 25 million cubic feet of gas per day per well. The re-entry operation is scheduled to be commenced in late May 1998. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

To: Texas77 who wrote (70)	4/8/1998 7:07:00 PM
From: Flea	Read Replies (1) \| Respond to of 84

Olympic Resources Ltd - Louisiana exploration update Olympic Resources Ltd ORL Shares issued 9639378 1998-04-08 close $0.6 Wednesday Apr 8 1998 Mr Daryl Pollock reports The company recently announced a farmin agreement with Diaz Resources Inc in relation to Diaz's 23% interest in the South Lakeside prospect in Cameron Parish, Louisiana. This exploration prospect entails the re-entry of a cased well, drilled in 1997, and the side tracking of the new well with the object of encountering gas bearing reservoirs within the miogypsinoides sands of tertiary, oligocene age. The original well on the prospect encountered significant high pressure gas shows at approximately 17,000 ft, close to the prospective horizon and was abandoned by the operator without a completion attempt. Geophysical information over the prospect identifies a large structural closure, updip from a well drilled 2.5 miles to the west which encountered 400 ft of wet miogypsinoides sand with hydrocarbon gas shows. The potential exploration upside, should the prospect be productive, could be as large as 500 billion cubic feet, similar to the South Thornwell field and Lake Arthur fields, 10 miles to the north of the prospect and which have to date, cumulatively produced 170 bcf and 655 bcf respectively, from the miogypsinoides zone. Initial production rates from the target horizon in adjacent pools have been in excess of 20 mmcf/d, as a result of the extremely high reservoir pressure, 18,000 psi, encountered in the miogypsinoides zone. Should the proposed re-entry be hydrocarbon bearing and encounter similar reservoir properties, comparable production rates are anticipated. As previously announced, the re-entry operation is anticipated to begin in late May.