Coalinga Flow Test Update.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 12, 2001

Olympic Resources Ltd. (Olympic)(OTCBB:OLYRF)(CDNX:ORL) announces the following update on its OLYMPIC COALINGA NO. 1 sidetrack gas well located in Fresno County, California.

During clean out operations in the liner, excessive amounts of cement were encountered. As a result, the drill string parted and an overshot was utilized to successfully recover the tubing. In order to continue, a coiled-tubing truck unit is required to complete cleaning out the cement. This is a two day operation, however, a unit of this type is not readily available and in order to avoid the additional disruption and cost of working through the holiday season, the working interest partners have instructed the operator to temporarily suspend operations until early January.

Results to date from mud and electric logs indicate that the potential for success is high. Log sweeps of the primary target Brown Mountain sands between 10,823 to 11,150 feet have identified three separate zones with excellent SP values which correlate to very good resistivity and also correlate to gas shows on the mud log. Overall porosity at this depth is much better than expected ranging from 10% to 24%. Preliminary data indicate potential for up to 160 feet of net pay throughout the target Brown Mountain formation.

The upper zone from 10,823' to 10,837' (14') had 230 units of gas with 13 ohms of resistivity and 18 to 24% porosity. A second sand interval from 10,860' to 10,875' (15') has 135 gas units, 6 to 18 ohms resistivity and 12% to 22 % porosity. The lower section from this zone at 10,875' to 10,895' (20') is of lower quality and may also be tested.

Prior to drilling the Brown Mountain formation, a cased hole evaluation log (TMD-L) and a cased hole cement bond log were run over the secondary Martinez Sand target which identified 51' of potential net oil and gas pay zones. The main intervals, 9,877' to 9,896' (19 feet), 9,899' to 9,922' (23 feet) and 9,924' to 9,933' (9 feet) have returned excellent resistivity and correlate to the Neutron curve on the Bond log indicating mostly sand throughout the interval. The Haliburton TMD-L logs reveal strong indications of hydrocarbons within these intervals confirming the live oil and gas shows encountered while drilling. Above average porosities are also indicated from these same intervals. These results correlate with the open hole mud log gas shows increasing overall confidence in the data. Other potential intervals are indicated but require further evaluation.

The electric logs have also identified a separate 150' zone in the Moreno Shale formation which lies above the Brown Mountain formation. The interval from 10,520' to 10,670' consists of shale with 150 gas units on the mudlog. The resistivity is 3 ohms but the high gas values may indicate the presence of natural fractures which can produce gas.

To find out more about Olympic Resources Ltd. (CDNX: ORL, OTC: 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.