Daryl Pollock
President and
Chief Executive Officer

Interview conducted by:
Lynn Fosse, Editor

CEOCFOinterviews.com
April 2003

BIO of CEO
DARYL POLLOCK
PRESIDENT/CHIEF EXECUTIVE OFFICER

Mr. Pollock is a business graduate from the University of Manitoba and resides in Vancouver.  Since 1993, Mr. Pollock has been President and Director of Olympic Resources Ltd.  Prior to his appointment at Olympic, he specialized in providing investment financing and business development consulting for both private and public companies.

Company Profile:

Olympic Resources Ltd (OTC:OLYR) is an emerging natural gas exploration and production Company with natural gas production from several project locations in California. They operate with the commitment to become a leading independent producer of natural gas for the North American marketplace. Olympic's management pursues a strategy of increasing cash flow thru the development and syndication of low risk, high reward prospects such as the East Corning Gas Field in California’s Sacramento Basin. Olympic's 6,500-acre project area is geologically analogous to the nearby, highly productive Malton Black Butte Field (132 BCF) and Rice Creek (35 BCF).

East Corning Project: Nine commercial gas wells, sustained rates of production, drilling will continue thru 2003, medium term production possible.

Greene County Property:
Olympic is producing natural gas from four gas wells located in Greene County, Pennsylvania. This area was a very prolific gas-producing region prior to 1940 and typically produced from shallow wells with multiple zones to a depth of approximately 3,400 feet. Similar wells in this area have produced for up to 25 years. Historically one third of the wells drilled in the US are drilled in the Appalachian Basin. The geology of the basin yields a 97% success rate for gas, which is due to the presence of numerous prolific formations.

CEOCFOinterviews: Mr. Pollock, please give us a brief history of Olympic Resources and where you are today.

Mr. Pollock: “We have been involved in the oil and gas business for about five or six years.  Originally, we operated in Alberta, Canada, which is a very prolific oil and gas area.  We began to recognize the opportunities in the United States, specifically in California.  We moved into that area about four years ago and that is our primary area of involvement today.

We saw a number of things in California that really caught our attention.  We saw a growing demand and diminishing supply along with an economy, which is the sixth largest in the world.  What most people probably don’t know is that 85% of the natural gas used by Californians is imported.  The energy requirements for the state are both strategic and essential and it met our corporate strategy of having a large expanding market, excellent infrastructure and a lot of oil and gas production.”

CEOCFOinterviews: Where are your projects?

Mr. Pollock: “Our primary project is the East Corning Project, which is located in the Sacramento Basin.  We are presently producing from nine wells in this field, including Victor Ranch. We have been very successful in acquiring property and shooting 3-D Seismic, which is the most advanced tool for identifying oil and gas reserves.

We also have a number of other smaller projects and we continue to look for additional opportunities.  What we really like about California is that the demand will exceed supply for many years to come.  This means we will always have a customer for our product. A couple of years ago, we saw prices shoot up and out of control and we expect to see that type of situation occurring again.   Presently, the prices on the East Coast are higher than on the West Coast but they are very high right now across the nation.  Obviously, becoming energy self-sufficient is a priority for America and we want to contribute what we can to a system in that regard.”

CEOCFOinterviews: Do you have projects outside of California as well?

Mr. Pollock: “Presently, we have a small interest in a project in Pennsylvania. However, it is an area that we do not expect to develop much further.  We are also currently looking at projects in Texas, Oklahoma and Louisiana. We are assessing all of our opportunities.”

CEOCFOinterviews: What do you do with the gas that you produce?

Mr. Pollock: “The gas is sold into the local markets as it comes out of the ground.  The nice thing about this business is that you have a ready, willing and able market. The production and distribution of the gas is handled by larger companies and our income is based on the amount that we can produce from the ground.”

CEOCFOinterviews: What is the risk potential for your prospects and what makes your approach unique?

Mr. Pollock: “Early on, we were involved in high reward situations where the chance of return may be one hundred to one. Of course, with those kinds of returns there is also very high risk or low probability associated with success.   Because of the higher prices, we opted instead to go for the types of risk where we have a one in three chance of success on a well. It will pay off from five to ten times if we are successful, so those are the types of prospects that we intend to go after in the future.”

CEOCFOinterviews: How do you decide how much of a project that you intend to keep?

Mr. Pollock: “That is a balancing act.  Most decisions are based upon how much money we have available to put into the project and how much we like it. Our policy is to acquire up to 50% of the project and keep up to 20% of the project.  What we hope to accomplish with the other 30% is to take away our risk of investments. In other words, we bring in partners to participate with us after we have taken the risk and done the legwork of identifying, analyzing and adding value to the project.  Some of the ways we are doing this is through the introduction of our Olympic Energy Partners limited partnership, which makes the opportunity to participate available to individual investors.  They can benefit by receiving a tax write off of their investment through National Energy Programs and receiving a percentage of the revenues that comes back from the project.”

CEOCFOinterviews: How do you receive potential partners in that area?

Mr. Pollock: “Obtaining partners it is always a challenge. We work very closely with a very highly regarded company called C.K. Cooper & Company out of Orange, California.  Alex Montana, their managing director, has been rated a five star analyst. They have quite an extensive network of parties both in the oil and gas business with investors and companies that they follow and represent.   Through some of their relationships, we have various brokers that get involved to help us identify investors.  We put on luncheons and presentations in a variety of cities and also rely a lot upon just word of mouth.”

CEOCFOinterviews: Is there a large competition for investors?

Mr. Pollock: “Right now, getting investment dollars is a very challenging endeavor.  Most investors are very shy and apprehensive about the unsettled world situation.  However, at the same time, our industry probably offers as good an opportunity that is out there. Investors can benefit from the higher energy prices, which is something that is not going to leave us anytime soon in the future.”

CEOCFOinterviews: How do you receive financing and what is the current financial situation of the company?

Mr. Pollock: “We are currently financed through the production that we have been creating from our revenues.  That, along with other Olympic Energy partners, will finance our short- term needs.  Our goal is to get involved in larger projects and grow organically through the acquisition of another core property that we can build on. Alternatively, we can grow exceptionally through the acquisition of other oil and gas companies; perhaps private companies that want to go public.  We are currently in discussion with people in that regard.  These companies are typically larger than ours and will allow us to grow much quicker.”

CEOCFOinterviews: What is your long- term goal and what do you need to do to achieve it?

Mr. Pollock: “We want to become a leading independent producer for North America. To do this, we need to grow our reserves and opportunities.   We are going as fast as we can and will continue to move aggressively. I believe that as the investment dollars open up in the energy area, companies like ours will be given opportunities where we can be as successful as we can be with the decisions we can make.”

CEOCFOinterviews: Tell me about your management team.

Mr. Pollock: “We have a very strong and diversified management team that have demonstrated, over time, their ability to raise money and to survive in difficult markets.  One of the objectives we would have when merging with another energy company is to bring that geologic talent on board. We would have all of the essential ingredients necessary to run a larger oil and gas company.”

CEOCFOinterviews: Are there any technologies available to make the actual production more efficient?

Mr. Pollock: “I think that what has become more efficient over the past several years is the decision on whether or not to actually drilling a well.  The strongest new tool is 3-D Seismic, which allows you to take a three dimensional picture down deep, 5,000 or 10,000 feet, into the earth. It allows you to make an assessment on the well’s potential and the exact whereabouts of the formation. With that, we have been very successful in our California operations in drilling successful wells.  Obviously, the cost of our well that is not successful is a complete write off.  It’s a painful process, but oil and gas companies need to face this when they are not successful.”

CEOCFOinterviews: What do you see as your biggest challenge and how do you prepare?

Mr. Pollock: “Our biggest challenge is to grow to the next level.  To put ourselves into the position where we are looking at projects that are five or six times larger than the projects that we are looked for in the past.   Obviously, when that happens, it will transform our company overnight and move us onto the radar screen of a lot of investors that are not able to look at a company of our size today.”

CEOCFOinterviews: What should shareholders and potential investors know about Olympic Resources?

Mr. Pollock: “We are very determined to be successful and are presently a profitable company with no debt.  We have only recently become listed in the United States.  Previously we were a foreign issuer; we have become a domestic issuer and that will assist us in opening up awareness about our company.   We are producing natural gas for America, which is a product that is very much needed.  We have a very strong outlook for natural gas and I think that investors will see us grow very quickly through some of the opportunities that are being presented to us and would make for a very satisfying investment.

I want to really stress the importance of the relationship we have with C.K. Cooper and Company and I would definitely draw people to our website orlresources.com. We have a great deal of information on the website and also encourage people to call our 1-800 number, which is 1-800-570-8733 to receive an information packet.”

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