VANCOUVER, British Columbia, May 21, 2002 (PRIMEZONE) -- Olympic and partners have successfully drilled the second of a multiple well drill program on the East Corning Property in Tehama County, California. Downhole electric log data indicates this second well has encountered five separate approximately 10 foot intervals of gas on water in addition to several other lesser intervals of potentially economic gas. Operations are currently completing the well and production testing will follow shortly. This program is designed to test the results of the Company's recent 3D seismic shoot over the 6,500 acre East Corning land package. Drilling operations on the third well commenced today.
Olympic is attempting 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 holds a 17% working interest in the initial wells 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).
Regarding the drilling operations on the Garrison gas well located in Kern County, CA., the Company has been advised by the operator that the CEQA (California Environmental Quality Act) requires a further review of the proposed well before it can be drilled. This review is expected to delay operations approximately 30 to 45 days.
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 TSX 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.