FORM 10-QSB
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

|X|      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2003

                                       OR

|_|      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________.


                        Commission File Number: 0 - 30598


                             Olympic Resources Ltd.
                             ----------------------
             (Exact Name of Registrant as Specified in Its Charter)

          Wyoming                                               Applied For
-------------------------------                              ------------------
(State or Other Jurisdiction of                               (I.R.S. Employer
 Incorporation or Organization)                              Identification No.)

                          3355 West Alabama, Suite 950
                              Houston, Texas 77098
                    (Address of Principal Executive Offices)

Registrant's telephone number, including area code: (713) 850-1880


Indicate by check mark whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.

         YES  |X|          NO  |_|

As of October 14, 2003 the Registrant had 94,462,539 shares of its no par value
common stock issued and outstanding.


<PAGE>
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<CAPTION>


                               Part I - Summarized Financial Information
                                      Item 1 - Financial Statements

                                          Olympic Resources Ltd.
                                       Consolidated Balance Sheets
                                             (In Thousands)

                                                             August 31,     February 28,
                                                               2003            2003
                                                           (Unaudited)      (Audited)
                                                           -----------------------------

ASSETS

<S>                                                         <C>              <C>
Current
    Cash and cash equivalents                                $   765          $   612
    Marketable securities                                         72               60
    Accounts receivable, net                                     256              373
    Prepaid expenses                                               2                3
                                                             ------------------------
    Total current assets                                       1,095            1,048

Marketable securities                                           --                 64
Capital assets                                                     7                7
Deferred charges                                                --                 84
Oil and gas properties, full cost method
     Properties being amortized                                  427              553
     Properties not subject to amortization                       57             --
                                                             ------------------------
     Total oil and gas properties                                484              553
                                                             ------------------------

Total assets                                                 $ 1,586          $ 1,756
                                                             ========================

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
    Accounts payable and accrued liabilities                 $   326          $   236
    Asset retirement obligation                                   34             --
                                                             ------------------------
    Total current liabilities                                    360              236

Stockholders' equity
    Capital stock
       Authorized
         100,000,000 common shares without par value
         1,000,000 preference shares without par value
       Issued and outstanding
         15,069,378 common shares as of
         August 31, 2003 and February 28, 2003                    15               15
    Additional paid-in capital                                 7,723            7,723
    Accumulated other comprehensive loss                         --              (145)
    Cumulative translation adjustment                           (478)            (478)
    Accumulated deficit                                       (6,034)          (5,595)
                                                             -------------------------
    Total stockholders' equity                                 1,226            1,520
                                                             ------------------------

Total liabilities and stockholders' equity                   $ 1,586          $ 1,756
                                                             ========================
See accompanying notes.



                                                    2
<PAGE>



                                                    Olympic Resources Ltd.
                                     Consolidated Statements of Operations (Unaudited)
                                              (In Thousands, Except Share Data)

                                                          For the Three Months Ended             For the Six Months Ended
                                                         August 31,         August 31,        August 31,         August 31,
                                                           2003              2002                2003               2002
                                                     ------------------------------------------------------------------------

Gas revenue                                          $        307        $        117        $        659        $        185

Direct expenses:
   Operating costs                                             14                   5                  51                   9
   Depletion                                                  144                  68                 361                  97
   General and administrative                                 296                  87                 521                 180
                                                     ------------------------------------------------------------------------
    Total direct expenses                                     454                 160                 933                 286
                                                     ------------------------------------------------------------------------

Loss from operations                                         (147)                (43)               (274)               (101)

Other income/(expense):
    Unrealized gain/(loss) on marketable
         securities, net                                       26                  (2)                 56                  (2)
    Realized loss on sale of marketable
         securities - available-for-sale                      (35)                (74)               (139)                (74)
   Write-off of deferred charges                              (96)               --                   (96)               --
   Foreign exchange gain                                        1                  38                   2                 106
   Other                                                        6                 (71)                 18                 (31)
                                                     ------------------------------------------------------------------------
    Total other expense                                       (98)               (109)               (159)                 (1)
                                                     ------------------------------------------------------------------------
Loss before cumulative effect of
   change in accounting principle                            (245)               (152)               (433)               (102)
Cumulative effect of change in accounting
     principle                                               --                  --                    (6)               --
                                                     ------------------------------------------------------------------------
Net loss                                             $       (245)       $       (152)       $       (439)       $       (102)
                                                     ========================================================================

Basic and diluted loss per share before
     and after cumulative effect of
     change in accounting principle                  $      (0.02)       $      (0.01)       $      (0.03)       $      (0.01)
                                                     ========================================================================

Weighted average number of common shares
     outstanding                                       15,069,378          14,685,682          15,069,378          14,190,030
                                                     ========================================================================

See accompanying notes.

                                                          3
<PAGE>



                                                         Olympic Resources Ltd.
                                         Consolidated Statements of Cash Flows (Unaudited)
                                                            (In Thousands)

                                                                                       For the Six      For the Six
                                                                                      Months Ended      Months Ended
                                                                                       August 31,        August 31,
                                                                                          2003              2002
                                                                                      ------------------------------


CASH FLOWS FROM OPERATING ACTIVITIES
    Net loss                                                                             $(439)            $(102)
     Adjustments to reconcile net loss to net cash provided
         by (used in) operating activities
             Depletion                                                                     361                97
             Cumulative effect of change in accounting principle                             6              --
             Loss on sale of marketable securities                                         139                74
             Unrealized (gain)/loss on marketable securities, net                          (56)                2
             Write-off of deferred charges                                                  96              --
    Changes in operating assets and liabilities:
       (Increase)/decrease in accounts receivable and prepaid expenses                     118               (55)
       Increase/(decrease) in accounts payable and accrued liabilities                      90               (83)
                                                                                         -----             -----
    Net cash provided by (used in) operating activities                                    315               (67)

CASH FLOWS FROM FINANCING ACTIVITIES
    Issuance of capital stock                                                             --                 192
                                                                                         -----             -----
    Net cash used in financing activities                                                 --                 192


CASH FLOWS FROM INVESTING ACTIVITIES
    Oil and gas property expenditures, net of recoveries                                  (259)              (94)
    Proceeds from sale of marketable securities                                             97                76
                                                                                         -----             -----
    Net cash used in investing activities                                                 (162)              (18)

    Effect of exchange rate changes on cash and cash equivalents                          --                  (8)
                                                                                         -----             -----

Increase in cash and cash equivalents                                                      153                99
Cash and cash equivalents, beginning of period                                             612               290
                                                                                         -----             -----

Cash and cash equivalents, end of period                                                 $ 765             $ 389
                                                                                         =====             =====

See accompanying notes

                                                            4

</TABLE>

<PAGE>


                             Olympic Resources Ltd.
                   Notes to Consolidated Financial Statements
                                   (Unaudited)

1. General

Olympic Resources Ltd, a Wyoming corporation, is an independent oil and gas
exploration and production company engaged in the acquisition, exploration and
development of oil and gas properties in the continental United States. As of
August 31, 2003, Olympic Resources Ltd. owned non-operating working interests in
oil and gas properties located in California and Pennsylvania through its
wholly-owned subsidiary, Olympic Resources (Arizona) Ltd., an Arizona
corporation. Olympic and its corporate subsidiaries are collectively referred to
as "Olympic" or "the Company."

Olympic was originally incorporated in the Province of British Columbia, Canada,
in 1986, under the name Global Data Systems Corp., a Canadian corporation.
Global Data Systems was later renamed Comtron Enterprises Inc. in November 1989.
In October 1993, Comtron Enterprises changed its name to Olympic Resources Ltd.

In January 2003, Olympic reincorporated into the State of Wyoming from the
Province of British Columbia, as the Company's principal activities are carried
on in the U.S. and reincorporation as a U.S. company provides various U.S. tax
benefits in the event Olympic was to enter into a future business combination or
merger with another U.S. corporation. No such reorganization was proposed at the
time of the reincorporation, however.

On September 10, 2003, the Company's wholly-owned subsidiary, WEC Acquisition,
Inc. ("WEC"), a Wyoming corporation, merged into Whittier Energy Company
("Whittier"), triggering a change in control of the Company. WEC was formed by
the Company during the quarter ended August 31, 2003 solely for the merger with
Whittier. The merger is more fully discussed in "Note 5 Subsequent Events."

In March 2003, the Company formed Olympic Energy Partners 2003-I L.P., a
wholly-owned partnership organized in the State of Delaware, in order to raise
capital to help fund the Company's drilling and development program for fiscal
year 2004. The Company does not expect to continue the partnership program and
has written off approximately $96,000 in related deferred charges as of August
31, 2003, of which $84,000 had been incurred as of February 28, 2003.

Certain information and footnote disclosures normally included in financial
statements prepared in accordance with accounting principles generally accepted
in the United States have been condensed or omitted. Reference should be made to
the relevant notes to the financial statements included in the Company's Annual
Report on Form 10-KSB for the fiscal year ended February 28, 2003. Due to the
Company's reincorporation into the State of Wyoming from the Province of British
Columbia in January 2003, the Company's financial statements for prior periods
have been restated from accounting principles generally accepted in Canada to
reflect accounting principles generally accepted in the United States.

The information furnished herein was taken from the books and records of the
Company without audit. However, such information reflects all adjustments, which
are, in the opinion of management, normal recurring adjustments necessary for
the fair statement of the results for the interim period presented. The results
of operations for the interim period are not necessarily indicative of the
results to be expected for any future interim period or for the year.


                                       5
<PAGE>



                             Olympic Resources Ltd.
                   Notes to Consolidated Financial Statements
                                   (Unaudited)

2. New Accounting Standards

In June 2001, the Financial Accounting Standards Board issued SFAS No. 143,
"Accounting for Asset Retirement Obligations." The Statement requires entities
to record the fair value of a liability for legal obligations associated with
the retirement obligations of tangible long-lived assets in the period in which
it is incurred. When the liability is initially recorded, the entity increases
the carrying amount of the related long-lived asset. Over time, accretion of the
liability is recognized each period, and the capitalized cost is depreciated
over the useful life of the related asset. Upon settlement of the liability, an
entity either settles the obligation for its recorded amount or incurs a gain or
loss upon settlement. The Standard is effective for fiscal years beginning after
June 15, 2002. The Company adopted SFAS 143 for the fiscal year beginning March
1, 2003. As a result of the adoption, the Company recorded an asset retirement
obligation of $13,916, an increase to oil and gas properties of $8,368 and a
non-cash charge of $5,548, which is recorded as a Cumulative Effect of Change in
Accounting Principle. Given the Company's ownership of non-operating interest in
oil and gas properties and the lack of any proved oil and gas properties as of
February 28, 2002, the pro-forma effect of the adoption of SFAS 143 as of March
1, 2002 would have been insignificant.

3. Marketable Securities

Trading securities

As of August 31, 2003, the market value of trading securities was approximately
$72,000. Trading securities consist of money market and income funds plus
150,000 common shares of Paccom Ventures, Inc. with a fair market value of
$51,000.

Available-for-sale securities

During the three months ended August 31, 2003, the Company sold 79,075 shares of
MIV Therapeutics Inc. ("MIV") for proceeds of approximately $44,000, generating
a loss of $35,000. The Company sold 216,700 common shares of MIV during the six
months ended August 31, 2003, for proceeds of approximately $80,000, resulting
in a loss of $139,000. The Company held no available-for-sale securities as of
August 31, 2003.

During the six months ended August 31, 2002, the Company sold 165,000 common
shares of MIV for proceeds of approximately $76,000, resulting in a loss of
$74,000. All of the MIV shares were sold during the second quarter of 2002. As
of August 31, 2002, the Company held 435,000 shares of MIV at a fair market
value of approximately $152,000.

4. Oil and Gas Properties

The Company follows the full cost method of accounting for oil and natural gas
operations, whereby all costs of exploring for and developing oil and natural
gas reserves are capitalized and accumulated in cost centers on a
country-by-country basis. Costs include land acquisition costs, geological and
geophysical charges, carrying charges on non-productive properties and costs of
drilling both productive and non-productive wells. General and administrative
costs are not capitalized other than to the extent of the Company's working
interest in operated capital expenditure programs on which operator's fees have
been charged equivalent to standard industry operating agreements.

The costs in each cost center, including the costs of well equipment, are
depleted and amortized using the units-of-production method based on the
estimated proved reserves before royalties. Natural gas reserves and production
are converted to equivalent barrels of crude oil based on relative energy
content. The costs of acquiring and evaluating significant unproved properties
are initially excluded from depletion calculations. These unevaluated properties
are assessed periodically to ascertain whether impairment has occurred. When
proved reserves are assigned or the property is considered to be impaired, the
cost of the property or the amount of the impairment is added to costs subject
to depletion.

                                       6

<PAGE>


                             Olympic Resources Ltd.
                   Notes to Consolidated Financial Statements
                                   (Unaudited)


4. Oil and Gas Properties (continued)

The capitalized costs less accumulated depletion and amortization in each cost
center are limited to an amount equal to the estimated future net revenue from
proved reserves (based on prices and costs at the balance sheet date) plus the
cost (net of impairments) of unproved properties. The total capitalized costs
less accumulated depletion and amortization, site restoration provision and
future income taxes of all cost centers is further limited to an amount equal to
the future net revenue from proved reserves plus the cost (net of impairments)
of unproved properties of all cost centers less estimated future site
restoration costs, general and administrative expenses, financing costs and
income taxes. The Company must use year end oil and gas prices in arriving at
future net revenues from oil and gas properties and these future net revenues
are discounted at 10%.

Proceeds from the sale of oil and natural gas properties are applied against
capitalized costs, with no gain or loss recognized, unless such a sale would
significantly alter the rate of depletion and amortization.

Estimated future site restoration and abandonment costs, net of expected
recoveries, are provided over the life of the proved reserves using the
unit-of-production method. Costs are estimated each year by management based on
current regulations, costs, technology and industry standards.

Certain of the Company's exploration and production activities are conducted
jointly with others and, accordingly, the accounts reflect only the Company's
proportionate interest in such activities.

The amounts shown for oil and natural gas properties represent costs incurred to
date and are not intended to reflect present or future values.

5. Subsequent Events

On September 10, 2003, WEC, a wholly-owned subsidiary of Olympic, merged with
Whittier pursuant to the Agreement and Plan of Merger, dated July 8, 2003 and as
subsequently amended on August 29 and September 9, 2003, by and between WEC and
Whittier. As a result of the merger, WEC merged with and into Whittier with
Whittier surviving the merger to become the wholly-owned subsidiary of Olympic.
In exchange for their Whittier common stock, the Whittier shareholders received
shares of Olympic's voting common stock, no par value, and Series A Convertible
Preferred Stock, or preferred stock. After giving effect to the conversion of
the preferred stock, Whittier's former shareholders now own approximately 85% of
Olympic's outstanding voting common stock.

Upon consummation of the merger, each of Whittier's 100,000 outstanding common
shares was exchanged for 793.93142 shares of Olympic's common stock and one
share of preferred stock. Each share of preferred stock is automatically
convertible into 60 shares of common stock upon the availability of 6,000,000
additional authorized and unissued shares of common stock necessary to effect
the conversion of all of the outstanding preferred stock. Any fractional shares
received by Whittier stockholders were rounded up to the nearest whole share of
Olympic's common stock. Olympic also granted limited piggyback registration
rights to all of the former Whittier shareholders and certain of Olympic's
option and warrant holders pursuant to a registration rights agreement entered
into as a condition to the merger.

Although Olympic is the legal acquirer of Whittier and continues as a publicly
traded entity, Whittier is considered the acquirer for accounting purposes. As a
result, Olympic will conform to Whittier's accounting methods on a prospective
basis, including the use of a calendar year-end and reporting its oil and gas
activities using the successful efforts method of accounting. Additionally, for
SEC reporting purposes on a prospective basis, Olympic will present Whittier's
historical financial statements up to the effective date of the merger and
combined financial results thereafter.

                                       7

<PAGE>


General and administrative expenses for the six months ended August 31, 2003
reflects the Company's incurred expenses related to the merger, including
approximately $140,000 in fees owed to CK Cooper & Company, Inc., an investment
banking firm of which a former director of the Company is an officer, and
$75,000 in related legal and consulting fees.

As a condition to the merger, Olympic terminated its existing employment
agreement with Mr. Pollock, the former President and CEO, and a current
director, of Olympic, and entered into a new consulting agreement with him for
an initial term of six months from the closing date of the merger. The terms of
the new consulting agreement provide for Mr. Pollock to receive $10,216.50
Canadian dollars per month during the initial term and a warrant to purchase
450,000 shares of Olympic's common stock at an exercise price of $0.20 per share
(the "Warrant"). The consulting agreement also provides for Mr. Pollock to
receive $5,108.25 Canadian dollars per month for 24 months following the initial
term, as well as $90,000 in accrued compensation to be used to pay the aggregate
exercise price of the Warrant on the one year anniversary date of the merger.
The costs relating to the new consulting agreement with Mr. Pollock will be
reflected on the financial statements of Olympic on a prospective basis.

The capitalized costs of oil and gas properties includes approximately $57,000
in lease costs relating to an oil property in Texas acquired during the quarter
ended August 31, 2003. As a condition to the merger, the Company has agreed to
transfer the rights to the property to Mr. Pollock in exchange for the
reimbursement of all related costs incurred by the Company.

                                       8

<PAGE>


Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations

            Recent Business Combination of Olympic Resources Ltd. and
                             Whittier Energy Company
            ---------------------------------------------------------

On September 10, 2003, WEC, a wholly-owned subsidiary of Olympic, merged with
Whittier pursuant to the Agreement and Plan of Merger, dated July 8, 2003 and as
subsequently amended on August 29 and September 9, 2003, by and between WEC and
Whittier. As a result of the merger, WEC merged with and into Whittier with
Whittier surviving the merger to become the wholly-owned subsidiary of Olympic.
In exchange for their Whittier common stock, the Whittier shareholders received
shares of Olympic's voting common stock, no par value, and Series A Convertible
Preferred Stock, or preferred stock. After giving effect to the conversion of
the preferred stock, Whittier's former shareholders now own approximately 85% of
Olympic's outstanding voting common stock.

Upon consummation of the merger, each of Whittier's 100,000 outstanding common
shares was exchanged for 793.93142 shares of Olympic's common stock and one
share of preferred stock. Each share of preferred stock is automatically
convertible into 60 shares of common stock upon the availability of 6,000,000
additional authorized and unissued shares of common stock necessary to effect
the conversion of all of the outstanding preferred stock. Any fractional shares
received by Whittier stockholders were rounded up to the nearest whole share of
Olympic's common stock. Olympic also granted limited piggyback registration
rights to all of the former Whittier shareholders and certain of Olympic's
option and warrant holders pursuant to a registration rights agreement entered
into as a condition to the merger.

Although Olympic is the legal acquirer of Whittier and continues as a publicly
traded entity, Whittier is considered the acquirer for accounting purposes. As a
result, Olympic will conform to Whittier's accounting methods on a prospective
basis, including the use of a calendar year-end and reporting its oil and gas
activities using the successful efforts method of accounting. Additionally, for
SEC reporting purposes on a prospective basis, Olympic will present Whittier's
historical financial statements up to the effective date of the merger and
combined financial results thereafter.

Olympic has relocated its corporate headquarters to Houston, Texas, but will
maintain an office in Vancouver, Canada for at least six months from the
effective date of the merger. The Company plans to change its name to Whittier
Energy Corporation at its next annual meeting of stockholders. In the interim
period, Olympic is currently conducting its operations as Whittier Energy
Corporation.

In conjunction with the merger, Dr. Kenneth Friedman and Messrs. Patrick
Forseille and Alex Montano resigned from the Company's board of directors (the
"Board"). Daryl Pollock and John Pierce, Olympic's remaining two directors, then
appointed Messrs. James A. Jeffs, David A. Dahl, Arlo G. Sorensen, Bryce W.
Rhodes and Charles O. Buckner to the Board pursuant to the terms and conditions
of the definitive Agreement, dated July 8, 2003, by and among Olympic, WEC and
Whittier.

As a condition to the merger, all of the Company's officers resigned from their
respective offices, including Daryl Pollock as Chief Executive Officer, Patrick
Forseille as Chief Financial Officer, Bev Funston as Corporate Secretary, and
Malcolm Bell as Vice President of Communications. The newly constituted Board
appointed new officers of Olympic and each of its subsidiaries, including: Mr.
Jeffs as Chairman of the Board; Mr. Rhodes as President and Chief Executive
Officer; Daniel Silverman as Chief Operating Officer; Michael B. Young as Chief
Financial Officer; and Dallas Parker as Corporate Secretary.

The merger is more fully described in the Company's Form 8-K filed on September
25, 2003 with the SEC. The following management discussion relates to the
Company's financial condition and results of operations through August 31, 2003.
The financial condition and results of operations for the combined entity will
be discussed in Olympic's Form 10-QSB for the quarter ended September 30, 2003,
which is expected to be filed with the SEC on or before November 14, 2003.

                                       9
<PAGE>


                         Liquidity and Capital Resources
                         -------------------------------

Olympic's oil and gas exploration and development activities to date have been
funded through internally generated cash flows from operations and the issuance
of the Company's equity securities, including its common stock and common stock
warrants. As of August 31, 2003, Olympic owned non-operating interests in 13
commercially productive wells concentrated in 3 material gas properties.

During the six months ended August 31, 2003, Olympic generated approximately
$315,000 in net cash flows from operations. As a result, Olympic had a net
working capital position of $735,000 as of August 31, 2003, which is expected to
be sufficient to cover all of the Company's operational and capital requirements
through fiscal year 2004 relating to Olympic's business activities existing
prior to the merger.

Olympic's long-term ability to sustain operations and grow its business,
however, is based on its ability to increase its oil and gas production, and
resulting oil and gas revenues, and to replace and extend its existing proved
oil and gas reserve base. The Company intends to accomplish steady and
sustainable growth of its oil and gas reserves through the continued
exploration, development, and direct or indirect acquisition of additional oil
and gas properties.

In accordance with its long-term business strategy, the Company recently
completed its merger with Whittier and is now in the process of reorganizing its
operations to continue to grow the Company and enhance long-term shareholder
value.

As of August 31, 2003, the Company incurred approximately $207,000 in capital
expenditures relating to its East Corning gas properties in California,
including $198,000 for the drilling and completion of four additional gas wells,
$5,000 for future well abandonment costs, and the remaining for improvements to
the gas pipeline and gathering system. An additional $34,000 of estimated future
abandonment costs were accrued in order to comply with SFAS 143, "Accounting for
Asset Retirement Obligations," and do not represent cash expenditures during the
current period. The Company does not anticipate any additional significant
capital expenditures will be incurred in developing the oil and gas properties
held by the Company prior to the merger. Olympic intends to entirely fund its
fiscal 2004 capital and operational requirements for its existing operations as
of August 31, 2003 using working capital and future revenues from its producing
gas properties held as of that date.

Environmental Issues

The oil and gas industry is subject to a high degree of regulation from all
levels of government. In addition to safety issues, regulation of the petroleum
industry is expected to become increasingly influenced by environmental
concerns. As non-operators of all its properties, Olympic relies upon its joint
interest partners to pursue operating practices they believe are environmentally
responsible and meet all regulatory requirements with respect to health and
safety matters.

The Company's joint venture operators carry general liability insurance in
amounts it believes are consistent with industry custom and practice. Olympic
has no material outstanding site restoration or other environmental liabilities,
and does not anticipate that it will incur any material environmental
liabilities with respect to its properties in the future.

Results of Operations

For the Three Months Ended August 31, 2003 compared with the Three Months
Ended August 31, 2002
-------------------------------------------------------------------------------

Olympic generated gas revenues of approximately $307,000, or $4.89 per mcf,
during the three months ended August 31, 2003, compared to gas revenues of
approximately $117,000, or $2.45 per mcf, during three months ended August 31,
2002. The increase in revenues was based upon a significant increase in natural
gas prices between the periods, as well as an increase in production from 47,777
mcf to 62,814 mcf due to the additional production from the Company's East
Corning and Victor Ranch properties in California, which both came on production
during fiscal year 2003. Olympic did not have any proved producing properties as
of February 28, 2002.

                                       10

<PAGE>


Olympic's related operating costs increased from approximately $5,000, or $0.10
per mcf, for the quarter ended August 31, 2002, to approximately $14,000, or
$0.22 per mcf, for the quarter ended August 31, 2003. Olympic's comparative
depletion expense increased from approximately $68,000, or $1.42 per mcf, to
$144,000, or $2.29 per mcf. The increase in operating costs and depletion
expense both relate to the increase in production between the two periods as
described above.

General and administrative expenses were approximately $296,000 for the quarter
ended August 31, 2003 compared to $87,000 for the quarter ended August 31, 2002,
an increase of $209,000, reflecting approximately $215,000 in legal and
professional expenses relating to the Company's merger with Whittier.

During the quarter ended August 31, 2003, Olympic recognized a loss of
approximately $35,000 on the sale of 79,075 common shares of MIV Therapeutics
Inc. for proceeds of $44,000. Comparatively, the Company recognized a loss of
$74,000 on the sale of 165,000 shares of MIV common stock for proceeds of
approximately $76,000 in the quarter ended August 31, 2002. Olympic also
expensed $96,000 of deferred charges relating to the partnership program
contemplated by Olympic prior to its merger with Whittier.

Olympic had a loss of approximately $245,000, or $0.02 per share, for the period
ended August 31, 2003, compared to a loss of $152,000, or $0.01 per share for
the period ended August 31, 2002. The $93,000 increase in net loss was primarily
due to increased depletion on the Company's gas properties and increased general
and administrative expenses relating to the merger with Whittier.

For the Six Months Ended August 31, 2003 compared with the Six Months Ended
August 31, 2002
--------------------------------------------------------------------------------

Olympic generated gas revenues of approximately $659,000, or $4.99 per mcf,
during the six months ended August 31, 2003, compared to gas revenues of
approximately $185,000, or $2.81 per mcf, during the six months ended August 31,
2002. The increase in revenues was based upon a significant increase in gas
production from 65,901 mcf to 132,026 mcf during the respective periods, as well
as a significant increase in natural gas prices. The increase in production
relates to the Company's exploration and development activities in its East
Corning and Victor Ranch properties in California, which both came on production
during fiscal year 2003. The Company did not have any proved producing
properties as of February 28, 2002.

Olympic's related operating costs increased from approximately $9,000, or $0.14
per mcf, for the six months ended August 31, 2002, to approximately $51,000, or
$0.39 per mcf, for the six months ended May 31, 2003. Olympic's comparative
depletion expense increased from approximately $97,000, or $1.47 per mcf, to
$361,000, or $2.73 per mcf. The increase in operating costs and depletion
expense both relate to the increase in production between the two periods as
described above.

General and administrative expenses were approximately $521,000 for the six
months ended August 31, 2003 compared to $180,000 for the comparable period
ended August 31, 2002, an increase of $341,000, reflecting increased general
office activities, the higher compliance costs resulting from our
reincorporation into the United States in January 2003, and approximately
$215,000 in legal and professional expenses relating to our merger with
Whittier.

During the six months ended August 31, 2003, Olympic recognized a loss of
$139,000 on the sale of 216,700 common shares of MIV Therapeutics, Inc. for
proceeds of approximately $80,000. Comparably, Olympic sold 165,000 common
shares of MIV in the six months ended August 31, 2002 for $76,000, generating a
realized loss of $74,000. The Company also wrote off approximately $96,000
relating to deferred charges incurred for its partnership program incurred prior
to its business combination with Whittier.

Olympic had a loss of approximately $439,000, or $0.03 per share for the six
months ended August 31, 2003, compared to a loss of $102,000, or $0.01 per share
for the comparable period ended August 31, 2002. The $337,000 increase in net
loss was due to increased depletion, general and administrative expenses related
to the merger with Whittier, and the write-off of deferred expenses relating to
its partnership program efforts prior to its merger with Whittier.

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<PAGE>


Off-Balance Sheet Arrangements

Olympic is not a party to any off balance sheet arrangements.

Item 3. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The term "disclosure controls and procedures" (defined in Rule 13a-14(c)) refers
to the controls and procedures of a company that are designed to ensure that
information required to be disclosed by a company in the reports that it files
under the Securities and Exchange Act of 1934 (the "Exchange Act") is recorded,
processed, summarized and reported within required time periods. Olympic's Chief
Executive Officer and Chief Financial Officer, who also serves as the principal
financial officer, have evaluated the effectiveness of Olympic's disclosure
controls and procedures as of the end of the period covered by this quarterly
report, and they concluded that, as of such date, Olympic's controls and
procedures were effective.

Change in Internal Controls

Olympic maintains a system of internal accounting controls that are designed to
provide reasonable assurance that its books and records accurately reflect its
transactions and that established policies and procedures are followed. There
were no significant changes to Olympic's internal controls or in other factors
that could significantly affect its internal controls subsequent to such
evaluation.


                           Part II- Other Information

Item 6 - Exhibits and Reports on Form 8-K

(a) Exhibits

         Exhibit 31.1      Certification of Chief Executive Officer pursuant to
                           Securities Exchange Act of 1934 Rule 13a-14(a) or
                           15d-14(a)

         Exhibit 31.2      Certification of Chief Financial Officer pursuant to
                           Securities Exchange Act of 1934 Rule 13a-14(a) or
                           15d-14(a)

         Exhibit 32.1      Certifications pursuant to Securities Exchange
                           Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C.
                           Section 1350, as adopted pursuant to Section 906 of
                           the Sarbanes-Oxley Act of 2002

(b) Reports on Form 8-K

     (i)  8-K Report filed on September 25, 2003 - Item 1. Changes in Control of
          Registrant and Item 2. Acquisition and Disposition of Assets.

     (ii) 8-K Report filed on September 10, 2003 - Item 5. Other Events.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Dated:   October 14, 2003



                          Olympic Resources Ltd.


                          By:  /s/ Bryce W. Rhodes
                               -------------------------------------------------
                               Bryce W. Rhodes
                               President, Chief Executive Officer, and Director



                          By:  /s/ Michael B. Young
                               -------------------------------------------------
                               Michael B. Young
                               Chief Financial Officer, Treasurer and Controller
                               (Principal Financial and Accounting Officer)

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