VANCOUVER, British Columbia, May 16, 2002 (PRIMEZONE) -- Olympic Resources Ltd. (Olympic) (OTCBB:OLYRF) (CDNX:ORL) announces that drilling operations have commenced on a new well to drain the estimated 1.2 Billion cubic feet of remaining gas reserves. The Garrison gas well located in Kern County, Calif., which was drilled in late 1999 and discovered a new gas pool in a Pliocene sand produced at a rate of approximately 2.0 mmcf per day for seven months before encountering technical difficulties. The new location, an offset well, lies approximately 1,400 feet northwest and 10 to 15 feet structurally higher than the original well. The 4,700-foot well will also test another Pliocene sand, known to be productive in this area, which lies 700 feet below the discovery pool.
Olympic holds a 12.58% working interest and the anticipated spud date of the well is May 22.
To find out more about Olympic Resources Ltd. (CDNX:ORL) (OTCBB:OLYRF), visit the 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.