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Gold/Mining/Energy : Vulcan Minerals - C.VUL
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To: Cyber Rock who wrote (311)9/16/1999 10:55:00 AM
From: Len Hynes  Read Replies (1) of 415
 
Hi CyberRock;
A very interesting press release from Vulcan Minerals:

Vulcan Minerals Inc. Suspends Flat Bay No.1

Stock Symbol: ASE:VUL
Shares issued: 9,907,000

ST. JOHN'S, NF, Sept. 16 /CNW/ - Vulcan Minerals Inc. (the company, ASE:
VUL) is pleased to announce the results of its Flat Bay No.1 well recently
drilled onshore Western Newfoundland. The well was drilled to a total depth of
286 meters and encountered significant oil shows over a gross interval
exceeding 100 meters. These shows consisted of the recovery of live oil in the
drilling fluid and extensive fluorescence in drill cuttings indicative of an
oil bearing formation. Geophysical logs indicate zones that may be
commercially productive upon stimulation of the reservoir. As such the company
has suspended the well pending possible completion in the future. Data
obtained from the well will be extremely valuable in the company's ongoing
exploration plans.
The Flat Bay No.1 is the first well in the Carboniferous northern Bay St.
George Basin and has proven the existence of all the necessary elements of an
active petroleum system including the presence of movable hydrocarbons. The
potential for commercial oil discoveries in the basin at relatively shallow
depths (200m - 1500m) is considered excellent. As with exploration in any new
basin the true nature of its potential can only be determined with an
integrated geological and drilling exploration program. Towards this end, the
company will carry on with a detailed analysis of the results from Flat Bay
No.1 and prepare to drill an exploration well on the St. George's Arch
structure approximately three kilometers northeast of Flat Bay No.1 to an
anticipated depth of 1000 meters. The St. George's Arch is anticipated to
contain three reservoir targets including the target penetrated in the Flat
Bay No.1 well. The company will be actively seeking drilling funds by way of
joint venture or equity financing.
The Flat Bay Petroleum permit 96-105 covers approximately 70,000 acres.
Vulcan presently owns a 25% interest in the permit and is earning, by way of
farmin, a final net 62.5% interest in the permit. As well the company owns a
100% interest in three offshore exploration licences (1.2 million acres) along
the coast of Western Newfoundland.

The Alberta Stock Exchange neither approves nor disapproves of the
information contained herein.

-30-

For further information: Mr. Patrick Laracy, President of Vulcan
Minerals Inc. at (709) 754-3186, fax (709) 754-3946 or Email:
laracy@thezone.net
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