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Gold/Mining/Energy : Vulcan Minerals - C.VUL
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To: Len Hynes who wrote (147)1/24/1999 12:06:00 PM
From: Len Hynes  Read Replies (2) of 415
 
The Evening Telegram(Jan 22/99) featured a news article on the Oil Play beginning as follows:"a convoy of 52 trucks is quietly
wending its way from the Rocky Mountain foothills of Alberta to the flat sandy, Port au Port peninsula on Nfld's west coast to
deliver the region's first oil rig in nearly three years...." Let the Play Begin.

Excitement is building among local residents on the peninsula as they observe these heavily loaded trucks heading across the
newly constructed access road to the drill site at Shoal Point.This excitement is bound to "rub off" on local investors, as well as
on investors across the country as Pan Canadian spuds this $10 million well. In addition to Pan Canadian, we should keep our
eyes peeled for other companies in the area to commence exploratory drilling, namely, Vulcan Minerals and Union Pacific.

Pan Canadian spokesman Alan Boris states"it's an exploration well...we're drilling to a target of about 2400 metres, and we
hope to find petroleum obviously".While Boris goes on to say that the chances of commercial success are typically 1 in 10, the
Nfld Dept. of Mines and Energy states that the payoff could be in the realm of 100 million barrels.

In the near future as the play heats up, we should watch for Vulcan Minerals Inc.( Flat Bay prospect), and Union Pacific
(Parsons Pond prospect) to spud wells also.
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