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Gold/Mining/Energy : Vulcan Minerals - C.VUL
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To: Cyber Rock who wrote (245)7/26/1999 12:24:00 PM
From: Buckey  Read Replies (1) of 415
 
Vulcan Minerals Inc -

Vulcan petroleum drilling to proceed in
Newfoundland

Vulcan Minerals Inc
VUL
Shares issued 9,519,500
1999-07-19 close $0.13
Monday Jul 26 1999
Mr. Patrick Laracy reports
Vulcan Minerals has received approval from the Newfoundland Department of
Mines and Energy to drill an onshore petroleum well at Flat Bay, in western
Newfoundland in the Bay St. George's basin. The well has a projected total depth
of 300 metres and will be drilled with a cable-tool rig. The target is a
Carboniferous-aged conglomerate-sandstone whose upper zone (16 metres) was
previously intersected by a continuous core test hole and shown to be oil bearing.
The target is open at depth and the pending well will test for reservoirs within the
formation. Vulcan has carried out seismic surveying in the area and has located
other structures at deeper depths for future testing. The Flat Bay well will be the
first well ever drilled in the northern half of the Bay St. George basin based on
seismic data and previous test hole coring. A drilling rig from Eastern Oil Field
Services Ltd. will be mobilized to the drill site and drilling is expected to
commence in the second week of August. Drilling should take approximately three
weeks to complete.
Subject to Alberta Stock Exchange approval, the company has proposed a
private placement to directors of the company of 200,000 common shares at 15
cents on a flow-through tax basis, with a warrant attached to purchase one
additional common share at 20 cents for two years. Proceeds will be used in the
exploration activities of the company.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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