VANCOUVER, British Columbia, April 17, 2002 (PRIMEZONE) -- Olympic (OTCBB:OLYRF) (CDNX:ORL) and partners will commence a multiple well drill program on April 23 on the East Corning Property in Tehama County, California. This program is expected to continue for approximately two months and will include up to six wells.
This drill program will attempt to continue the success encountered in the Victor Ranch field which lies adjacent to the southern flank of the East Corning Property. The Victor Ranch field discovered one of the largest amounts of natural gas-filled sands in the East Rice Creek area. An adjacent 3D survey reveals that these sands extend onto Olympic's East Corning property. Four of the most recent wells in this area are currently producing 5,500,000 cubic feet of gas per day (MMCF). Olympic holds an approximate 8% working interest in three of these wells.
Olympic holds a 32% working interest in the East Corning Property which consists of 6,500 acres in oil and gas leases. In keeping with its corporate strategy, Olympic has farmed out a portion of its interest in these wells. Olympic will hold a 17% working interest in the initial well of this program.
Olympic's property lies near the Corning Gas Field to the east and 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 had never received 3D seismic coverage despite being on trend with prolific Forbes production to the south. 3D coverage 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).
Olympic also confirms its private placement of 3,000,000 units at $0.25 per unit, announced on April 9, 2002, has been increased to 3,200,000 units.
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.