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Gold/Mining/Energy : Vulcan Minerals - C.VUL
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To: Killick who wrote (156)3/1/1999 9:03:00 PM
From: Len Hynes  Read Replies (1) of 415
 
Hi Killick:Hi Vulcan Shareholders:
Vulcan finally looks like it may be ready to catch the attention of investors looking for a leveraged investment on the West Coast
Oil Play. All eyes are on the current round of drilling by Pan-Canadian and Encal Resources on the Port au Port peninsula of
Newfoundland.In Saturday's edition of the Globe and Mail (Feb/27/99), Dunnery Best featured a very positive article on
Encal's performance over the past year with respect to increasing production(31,000 boe/d), increasing cash flow, excellent
debt management, and little shareholder dilution. Dunnery expects that Encal will,once again in 1999,repeat this type of
performance, except that the story may be that much better with rising oil prices and drillingsuccess on their West Coast .

Today we saw a nice precentage move in Vulcan Minerals Inc. with very small volume. Once, Vulcan re-announces their plans
for their West Coast drilling (press release of Nov.4/98.....prior to May 31/99), we should see a lot more action on the price of
this stock. It is expected that Pan-Canadian will complete their current well approx. by the end of April/99...about the same
time that Vulcan has promised its shareholders a test well on their Flat Bay permit.

April and May should be exciting months for shareholders of both Encal, Pan-Canadian and Vulcan as the drilling programs
near completion.A stroke of success from either of these drill programs will see share prices move significantly especially with
respect to Vulcan(VUL-C).
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