Olympic Resources Ltd.
Company Data | Introduction | Projects | Management | News Update | Chinese
| Address: | 525 - 999 West Hastings Street Vancouver, B.C. V6C 2W2 |
| Tel No.: | (604) 689-1810 |
| Fax No.: | (604) 689-1817 |
| Toll Free No.: | 1-800-570-8733 |
| Web Site: | www.orlresources.com |
| Corporate Email: | orl@axion.net |
| Contact Person: | Patrick Forseille |
| Position: | CFO |
| Traded Market: | CDNX |
| Traded Symbol: | ORL |
| Pinksheets Traded Symbol: | OLYRF |
| Outstanding Shares: | 12,200,000 |
| 52 Week High: | $ 1.79 |
| 52 Week Low: | $ 0.25 |
| Present Price: | $ 0.54 (8/10/2001) |
INTRODUCTION
Olympic Resources Ltd. is an independent resource company engaged in the acquisition, exploration, development and production of a diversified portfolio of resource properties. The Company is managed by a highly qualified team of professionals with extensive experience in exploration and development, corporate finance, marketing, accounting and taxation. The experience of the management team has allowed Olympic to quickly adapt to current market conditions and to diversify the Company's asset base within the oil & gas sector. This strategy serves to ensure the long-term stability and future success of Olympic.
In early 2000, the Company commenced a corporate diversification program and is investigating investment opportunities primarily in technology industries with an emphasis on biotechnology. As a result of this, the Company has agreed to enter into an investment and advisory contract with M-I Vascular Innovations Inc. ("MI Vascular"). MI Vascular is a private Delaware incorporated company which owns 100% of MIVI Technologies Inc., a Vancouver, B.C. based research and manufacturing facility of the "MIVI Stent".
The MIVI Stent is a vascular support device which is being developed to market to the cardiovascular industry for the treatment of cardiovascular disease. Stents have entered the surgical field only in the last few years and are rapidly replacing invasive cardiac and other surgeries to correct restriction occlusions in the circulatory system. Successful small scale manufacturing production has been effected to supply the animal trials. In vitro and animal trials have been successful to date.
PROJECTS IN HAND
Coalinga Prospect, California
Olympic Resources Ltd. acquired a 50% working interest in the Coalinga Nose gas prospect in Fresno County, California. The Coalinga Nose Prospect consists of 5,000 acres of leased land and is located less than one mile southeast of the East Coalinga Extension which has so far produced 503,000,000 barrels of oil. The prospect is also less than one mile northwest of the Kettleman Hills Field which has so far produced 2.9 TCF and 458,000,000 barrels of oil. To date, US$ 2,000,000 has been spent on the land including a 3-D seismic survey shot in 1997 covering 16 square miles including the prospect area. Target beds are the Cretaceous Brown Mt. Sand which only one well tested within the seismic shoot area in 1942. This well had significant untested gas shows in the Brown Mt. Sand from 11,455 to bottom. Originally drilled for oil, the off-scale gas shows at the bottom of the well were not tested and the well was abandoned due to a lack of natural gas market during World War II. Seismic data indicate structural and stratigraphic traps found along the norhtwesterly trending Coalinga Nose anticline. Also, high amplitude seismic reflectors observed in the Brown Mt. Sand may indicate gas saturation.
East Corning Prospect, California
Olympic acquired 32% of the East Corning Project in Tehema County California. The East Corning 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. The 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.
Pioneer Canal #31-10, California
Olympic acquired 7% of the 9,700 foot directional development Pioneer Canal #31-10 well in the Pioneer Canal area of the Canal Oil field in Kern County, California. The #31-10 will be drilled on the project covering 280 acres of land from three previously producing wells and if productive, an additional 40 acre parcel will be added. The nearby #12-10 well, located about 0.4 miles west of the prospect well, was drilled in December 1999 with the intent of testing a near crestal Upper Stevens structure and sub-Stevens targets.
SEMITROPIC Syndicate, Kern County, California
The SEMITROPIC Syndicate holds a 100% working interest (75% net revenue interest) in 4,500 acres of oil and gas leased lands located in Kern County, California. This represents one of the largest contiguous blocks of land in the San Joaquin Valley near the Lost Hills play. Olympic holds a 25% working interest in the Syndicate and is the Syndicate manager. 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 Temblor Formation targets in the area.
The Syndicate property lies 4.5 miles east of the East Lost Hills well over a portion of a deep seated structure called the Buttonwillow Fault, a major geological feature readily apparent on the seismic data.
Source Energy Prospect, Kern County, California
Olympic has participated to the extent of a 13 1/3% working interest to casing point and 10% working interest after casing in three wells drilled in October, 1999, on approximately 800 net acres of oil and gas lease lands located in Kern County. The targets in each of the three wells are the Mya, Arlington and Perdidio sands of Pliocene age. The three locations are in the Buttonwillow, Garrison and Bowerbank areas and were chosen in geologically favorable areas on the basis of seismic interpretation.
The Garrison Well was put on initial production in late May, 2000. The well is currently producing at a rate of approximately 2000 MCF per day with a tubing pressure of 1510 psi. Payback for this well is expected to occur within four months.
West Denverton Creek, Northern California
Olympic Resources Ltd. holds a 15% working interest in the West Denverton Creek exploration project consisting of 3,200 acres including 7 square miles of 3D-seismic data which has identified three drill ready targets.
Wilson Prospect, Tehema County, California
The Company participated to the extent of a 30% working interest (15% net revenue interest) in a well in the East Rice Creek Gas Field. The Company and its partners successfully drilled the well which is currently producing at a rate of 3MMCF/day. Payback for this well is expected to occur within three months.
Pilgrim #44-8, Tehema County, California
The Company participated to the extend of a 20% working interest (16% net revenue interest) in the Pilgrim 44-8 well in the Rancho Capay gas field. This well was successfully drilled and was put on initial production in late August.
The well encountered two separate gas zones. The first zone intersected 10 feet of Eocene sands at 1,730 feet and occurs as a depletion-drive reservoir. 3-D seismic data indicates this reservoir covers 100 acres with at least three more additional targets over this area.
MANAGEMENT
Directors & Officers:
Daryl Pollock, President, CEO & Director
Since 1993, Mr. Pollock has been President and Director of Olympic Resources Ltd. In addition, he has provided financial development consulting for numerous private and public companies. Previously, he was Vice President of a large securities firm responsible for raising funds throughout Western Canada.
Patrick Forseille, P.Geo., CFO & Director
Mr. Forseille is a Professional Geoscientist and has a Bachelor of Commerce degree with an Accounting major. Mr. Forseille has been comptroller of several public and private companies since 1996. He has also assumed the responsibility as Exploration Manager. Previously, he worked as an exploration geologist with Cameco Corp.
Dr. David Cooke, Ph.D., P.Eng., Director
Dr. Cooke is a Professional Engineer and has been a principal of D.L. Cooke and Associates Ltd., specializing in mineral exploration consulting, since 1983. Prior to that, Dr. Cooke was a senior Geologist with Cominco Ltd.
Dr. Ken Friedman, Ph.D., Director
Dr. Friedman was a money manager with a Wall Street investment advisory services firm, and a natural resource analyst and director of research with several U.S. brokerage firms. Dr. Friedman is President and Director of Strathmore Resources Ltd., a public company that specializes in the exploration and development of uranium.
Nicholas Fuller, V.P. Finance, Europe
Mr. Fuller is the Company's European representative. From his London, England office, Mr. Fuller services the many institutional shareholders and fund managers. Mr. Fuller has extensive experience in the UK and European equity markets, and extensive contacts throughout the institutional investment management and brokerage communities.
Tim Vitalis, Ph.D., Vice President, Scientific Research
Dr. Vitalis is a physiologist with more than 10 years research experience studying animal models of disease. In 1992, he won a British Columbia Lung Association Fellowship to study the molecular biology of latent viral infections of the lung at the Pulmonary Research Laboratory, Dept. of Pathol and Laboratory Medicine, University of British Columbia. He has published several articles in peer-reviewed scientific journals, and has performed service as expert reviewer for the National Science Foundation (USA) and many scientific journals.
John Pierce, Director
Prior to his retirement in December 1987, Mr. Pierce was the President and C.E.O. of the Security Pacific Bank, Canada. He was previously the President and C.E.O. of the Morguard Bank of Canada since September 1981, and was responsible for the 1986 merger of the two banks. Since January 1988 Mr. Pierce has been involved in real estate development, property management, investment and general business consulting. Mr. Pierce holds or has held several corporate directorships in National companies.
Peter Jensen, LL.B, BCL, B.SC, Director
Mr. Jensen acquired his Bachelor of Science and Law degrees at McGill University. His science degree was directed to an intended medical degree until he determined to move to law. In 1987 he co-founded Devlin Jensen, now one of the senior corporate and securities mid-sized firms in Vancouver. Mr. Jensen has been and is a director of several private and publicly traded companies, has been a board member of companies with capitalization in the hundreds of millions and assisted in the raising of capital in ranges of up to one hundred million dollars. Mr. Jensen's securities practice is primarily focused on US listings and securities offerings together with a substantial base of practice and business contacts in the Canadian and overseas markets.
NEWS UPDATE
On November 08, 2001, Olympic Resources Ltd. announced that the OLYMPIC COALINGA No.1 sidetrack gas well located in Fresno County, California has reached target depth at 11,200 feet and has completed log sweeps of the primary target Brown Mountain sands. The operator reports seeing excellent SP values throughout both sand and shale intervals within the Brown Mountain formation. The sand intervals in particular correlate to very good resistivity and also correlate to gas shows on the mud log. Preliminary data indicate potential for up to 150 feet of net pay throughout the target formation. A Sonic Log has been completed and results will be available in the near future. However, the positive results to date indicate an abundance of opportunity throughout the entire Brown Mountain formation.
On November 01, 2001, Olympic Resources Ltd. announced that the drilling operations from the OLYMPIC COALINGA NO.1 gas well located in Fresno County, California are proceeding smoothly. The hole is currently at 10,418 feet and the primary target Brown Mt. Sand formation is expected to be penetrated at 10,800 feet shortly. Currently, the well is experiencing increased background gas which was present in the original hole prior to penetrating the Brown Mt. Sand. Olympic holds a 20.5% working interest in the Coalinga prospect with a 17.5% net revenue interest before payout and a 14.5% net revenue interest after payout.
On October 19, 2001, Olympic Resources Ltd. announced the completion of its private placement pursuant to which Olympic raised $500,000 through the sale of 1,250,000 units. The securities issued pursuant to the private placement are subject to a hold period in British Columbia expiring on February 16, 2002.
On October 11, 2001, Olympic Resources Ltd. announced that the Paul Graham drill rig is being mobilized onto the OLMPIC COALINGA NO.1 gas well located in Fresno County, California. A series of steps will be undertaken to include the following: the 5 #8221; cased hole which has been cemented to current depth of 10,106 feet will be cleaned to effective depth, a cased hole evaluation log (TMD-L) and a cased hole cement bond log will be run over the Martinez Sand beginning with a mud weight of 13.5 PPG. Upon reaching total depth, an open hole e-log of the Brown Mountain Sand will be run.
On October 09, 2001, Olympic Resources Ltd. announced that it holds 32% working interest in the East Corning project and had recently completed the 3D field survey. The processing and interpretation of the data are expected to be completed within four weeks.
On August 09, 2001, Olympic Resources Ltd. reported that drilling operations are proceeding smoothly on the OLYMPIC COALINGA NO.1 gas well located in Fresno County, California. Regular drilling operations have reached 9,970 feet towards a target depth of 11,200 feet. Olympic currently holds a 20.5% working interest which results in a 17.5% net revenue interest before payout and a 14.5% net revenue interest after payout. The Coalinga Nose Prospect consists of 5,000 acres of leased land and is located less than one mile southeast of the East Coalinga Extension which has produced 503,000,000 barrels of oil. The prospect is also less than one mile northwest of the Kettleman Hills Field which has produced 2.9 TCF and 458,000,000 barrels of oil.
On Aug 29,2001 Olympic Resources Ltd. announced that given the anticipated activity on the East Corning Property, the company considers it prudent to maintain a strong working capital position and has therefore negtiated a private placement providing for the placement of 1,000,000 units at $0.50 per unit. Each unit will consist of one common share of the Company and one two-year non-transferable share purchase warrant entitling the holder to purchase one additional common share of the Company for $0.60
On Aug 27, 2001, Olympic Resources Ltd. announced the oil and gas prpoerty update:
(1) Pioneer Canal#31-10, California - Te #31-10 was drilled on the project covering 320 acres of land HBP (held by production) from three previously producing wells. Preliminary log evaluation indicates up to five productive intervals from the upper and lower Stevens Formations.
(2) Tycoon#1-3, Californi - The Company participated to the extent of a 17.875% working interest in the Tycoon #1-3 wel on the Rancho Capay gas field in Tehema Country, California. The Tycoon 1-3 intersected 50 feet of neet pay from two primary targets in the Cretacous Forbes Sand defined from seismic data, which show two bright spots with superb amplitude and AVO characteristics.
(3) Source Energy Prospect, California - Olympic holds a 13% working interest in the SE Garrison City #1 gas well put on initial production in late May, 2000. Preliminary results of the seismic line processing reveals that there is sufficient attic gas potential to justify a development well. Plans are currently underway to drill this development well.
On Aug 21, 2001, Olympic Resources Ltd. reported that the OLYMPIC COALING No.1 gas well located in Fresno County, California has reached target depth at 11,167 feet. The operator has advised that the initial e-logs, which have only tested the primary target of the Brown Mountain Sands, indicated potential net pay of between 50 to 100 feet.