Olympic Resources Ltd.: Operations Commence On Brown Mountain Sands.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 14, 2002 Olympic Resources Ltd. (Olympic)(CDNX CDNX See Canadian Venture Exchange (CDNX). :ORL ORL Oto-Rhino Laryngologie (France) ORL Orlando Executive Airport (Airport Code) ORL Optical Return Loss ORL Journal for Oto-Rhino-Laryngology and its related specialties )(OTCBB OTCBB See OTC Bulletin Board (OTCBB). :OLYRF) announces the following update on its OLYMPIC COALINGA NO. 1 sidetrack gas well located in Fresno County, California Fresno County is a county located in the Central Valley of the U.S. state of California, south of Stockton and north of Bakersfield. As of 2007, its population was 1,002,284. The county seat is Fresno. . Operations have commenced today to drill out the cement in the liner to test the Brown Mountain sands. A string of 1 3/4" drill pipe will be utilized which the operator believes will be as effective as a coiled tubing Coiled tubing refers to metal piping, normally 1" to 2" in diameter, used for interventions in oil and gas wells, which comes spooled on a large drum. The main benefits over wireline are the ability to pump chemicals through the coil and the ability to push it into hole rather than unit for cleaning out any residual cement in the liner. This drill string will allow the operation to be flexible and minimize costs. Flow tests of the Brown Mountain sand will follow successful completion of this operation. Results to date from mud and electric logs indicate that the potential for success is high in the Brown Mountain sand. Log sweeps of the primary target between 10,823 to 11,150 feet have identified three separate zones with excellent SP values which correlate to very good resistivity resistivity Electrical resistance of a conductor of unit cross-sectional area and unit length. The resistivity of a conductor depends on its composition and its temperature. 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. 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. During flow test operations of the secondary target, the Martinez sand fluid entry rates encountered 100 bbl/day of water and 1 bbl/day of oil. As a result, the Martinez has been determined to be uneconomical. To find out more about Olympic Resources Ltd. (CDNX:ORL)(OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :OLYRF), visit our website at www.orlresources.com OLYMPIC RESOURCES LTD. Daryl Pollock, President WARNING: The Company relies on litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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. The CDNX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion