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 : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (14280)	12/18/1998 4:34:00 PM
From: Kerm Yerman	Read Replies (11) \| Respond to of 15196

FIELD ACTIVITIES / Olympic Resources Ltd Operations Review ORL VSE December 18, 1998 Summary of Recent Corporate Developments Daryl Pollock, President of Olympic Resources Ltd. wishes to provide the following summary of recent corporate developments: Flat Lake, Project, Alberta Following the completion of a thorough and satisfactory due diligence review, Olympic has executed the formal purchase and sale agreement to complete the purchase of the remaining working interest in its Flat Lake gas project in Northeastern Alberta for $675,000. The Vancouver Stock Exchange has issued its approval in principle to the transaction and closing is subject to registration of the formal conveyance documents with the appropriate regulatory authorities in Alberta. As a consequence of the 1997 Encal acquisition and the acquisition of the remaining interest, Olympic will own a 100% working interest in 27 Alberta Crown leases and licenses covering approximately 38,000 acres, 8 producing gas wells with current production of approximately 2 Mmcf/day, and a 4 Mmcf/day gas plant and gathering system. Olympic recently received a $5,790,000 before tax present valuation for the Flat Lake Project proven and probable reserves in an independent report commissioned from Gilbert Laustsen Jung Associates Ltd., using constant pricing and a 10% discount rate. Olympic's technical staff have also identified several additional wells which can commence production through workovers or tie-ins at a cost of $150,000. Management expects these work programs should increase production at Flat Lake to over 3 Mmcf/day. Calgary Office Olympic has recently established a Calgary office to manage the Flat Lake Project and position itself for additional oil and gas investment and development opportunities. The office is managed by Robert Martin, P. Eng., a director of Olympic, and Jim Gotmy and is located at 1560-700 6th Avenue S.W., Calgary, Alberta. Bakersfield Project As reported on December 16, 1998, Olympic has secured the opportunity to acquire a 100% working interest (75% net revenue interest) in 4,000 acres of oil and gas leased lands located in Kern County, California, USA. Olympic currently intends to preserve a 25% working interest in the project and has to date received participating deposits from 4 other parties pursuant to which Olympic has agreed to farmout on satisfactory participation 40% of the working interest rights in the leases once acquired. The participants are developing plans to drill a test well to the approximate depth of 18,500 feet in order to test the sub-thrust fault play for Middle to Lower Miocene Monterey and Tremblor Formation targets in the area. Further announcements will be made as developments progress. TEL: (604) 689-1810 Daryl Pollock, President FAX: (604) 689-1817 Olympic Resources Ltd. TOLL FREE: US/Canada 1-800-570-8733