VANCOUVER, British Columbia, March 18, 2002 (PRIMEZONE) -- Olympic Resources Ltd. (Olympic) (OTCBB:OLYRF) (CDNX:ORL) provides the following update of its Victor Ranch properties in Tehama County, California. Olympic has entered into two participation arrangements in the Victor Ranch gas field, which lies on the south-east flank of Olympic's East Corning property. The operator has advised Olympic that two wells commenced production and a third well will be put online shortly. The terms of the participation agreements provide Olympic with an 8.3% working interest to earn a 6.53% net revenue interest in two wells; and a 6.05% working interest to earn a 4.92% net revenue interest in the third well.
The Victor Ranch 1-7 well discovered one of the largest amounts of natural gas-filled sands in the East Rice Creek field. An adjacent 3D survey reveals that this discovery extends onto Olympic's East Corning property. Four different gas charged zones were encountered and preliminary log analysis indicates two main pay zones in the well contain 70 to 80 net feet of gas charged sands. Other gas wells in this area have been producing from similar zones for over ten years.
Olympic holds a 32% working interest in the East Corning Project in Tehama County California. This project consists of 6,500 acres in oil and gas leases and over 25 miles of 2D seismic data. The project is 100 miles north of Sacramento within the main Forbes depositional fairway at the northern portion of the Sacramento Valley gas trend. Olympic and partners have recently completed the 3D field survey.
Olympic and partners are currently permitting locations for a multiple well drill program expected to commence in early spring.
Olympic's property lies adjacent to the Corning Gas Field to the east and directly north of the Rice Creek gas field. It is analogous to the East Rice Creek field and is one of the few underexplored regions remaining in California. Well density and Forbes penetrations are sparse within the project area. The East Corning Project has never received 3D seismic coverage despite being on trend with prolific Forbes production to the south. 3D coverage directly south of the project has established numerous pools including Rice Creek (35 BCF, primarily Forbes) and Malton Black Butte Field (132 BCF, Kione and Forbes). The closest significant Forbes production to the project area is from Rice Creek where production from the lower Forbes section is most common.
To find out more about Olympic Resources Ltd. (CDNX:ORL) (OTCBB:OLYRF), visit our website at www.orlresources.com.
OLYMPIC RESOURCES LTD. Daryl Pollock, President
The CDNX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
WARNING: The Company relies on litigation protection for "forward-looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.