Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Barry Singer who wrote (81)	7/15/1998 2:17:00 PM
From: Flea	Read Replies (2) \| Respond to of 84

Barry...this was 2 days ago...it started tanking...halted...this was released... South Lakeside well abandoned; Flat Lake operations continue Olympic Resources Ltd ORL Shares issued 9,639,378 1998-07-10 close $0.37 Monday Jul 13 1998 Mr. Daryl Pollock reports The well drilled on the company's South Lakeside prospect, Cameron Parish, Louisiana, is currently being abandoned. The wildcat well, No. 1 Miami Corp., in which Olympic holds a 17.25 per cent working interest was drilled to total depth of 17,562 ft with the oligocene miogypsonoide sands as the principal objective. The well encountered a full section of miogypsonoide sand, 2,000 ft high to a key well located 2.5 miles to the west. However, while the uppermost sand appears from log calculations to be natural gas bearing, it was not of sufficient thickness to be commercial and the lower miogypsonoide sands appear tight. Following a detailed review of the electric logs, a decision was reached to abandon the well, which operation is presently being conducted. Olympic remains well-financed with over $2,000,000 or 20 cents per share in the treasury. The company continues to increase its cash flow on its Flat Lake gas property in northern Alberta through the tie-in of two additional wells. It is assessing other higher risk exploration prospects for future participation.