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Gold/Mining/Energy : Vulcan Minerals - C.VUL -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (275)	8/19/1999 4:07:00 PM
From: Len Hynes	Read Replies (3) \| Respond to of 415

Hi Buckey; Here is an article which appeared in today's edition of The Evening Telegram: 8/19/99 By CHRIS FLANAGAN Business Editor The Telegram The oil play on the west coast of Newfoundland is far from over, says the president of the only oil company drilling for oil on land in the province. St. John?s-based junior oil company Vulcan Minerals (ASE:VSE) has drilled about a quarter of the way to its target in the Flat Bay area, company president Patrick Laracy said Wednesday. The well was spudded last week and is expected to be completed in three or four weeks. A small drill rig known as a cable rig has reached a depth of about 79 metres towards its shallow target of 300 metres, Laracy said. ?We?re looking for oil, we?re drilling in the area where we located some oil previously with a mining rig,? Laracy said. Vulcan previously encountered oily sandstone 140 metres down at a slim hole just 100 metres from the current well. Oil exploration on Newfoundland?s west coast suffered a major setback earlier this year when PanCanadian Petroleum Ltd. of Calgary encountered only salt water in a $11.5-million well at Shoal Point. It was the fifth well in recent years to be drilled either onshore or just offshore, and the fourth to encounter no oil. Another Newfoundland junior, Canadian Imperial Venture Corp., is conducting seismic work and plans to drill the west coast this year. Laracy said Wednesday Vulcan?s target is in a different basin, and is much shallower ? and therefore must less costly to drill ? than previous wells. ?This is a totally different sequence of rocks,? Laracy said. ?We?re testing a new model in western Newfoundland.? The budget for the Flat Bay well is just $200,000, he said. Vulcan is searching for several small reservoirs. Even a well that produces just 30-50 barrels a day could be commercially viable here, he said. The Flat Bay well will also provide valuable geological information for other targets. ?We do know that there?s a petroleum system there,? Laracy said. ?Mark my words, it?s just a matter of time ? We?re very early in the game in western Newfoundland and the story is far from over, I can assure you.?

To: Buckey who wrote (275)	8/20/1999 3:15:00 PM
From: Cyber Rock	Read Replies (1) \| Respond to of 415

Significant information in the Telegram Report, today, by the Business Editor, Chris Flannigan. see: thetelegram.com Here are the key point with my own emphasis added. 1. A small drill rig known as a cable rig has reached a depth of about 79 meters 2. ... looking for oil ...in the area where we located some oil previously with a mining rig 3. ... encountered oily sandstone 140 meters down at a slim hole just 100 meters from the current well. 4. ... earlier this year when PanCanadian Petroleum Ltd. of Calgary encountered only salt water in a $11.5-million well at Shoal Point. 5. ... Canadian Imperial Venture Corp., is conducting seismic work and plans to drill the west coast this year. 6. ... Vulcan's target is in a different basin ... a totally different sequence of rocks 7. ... testing a new model in western Newfoundland. ... searching for several small reservoirs. For a characteristically understated Laracy, this is as good as it gets: Quote: " ... there's a petroleum system there, Laracy said. Mark my words, it's just a matter of time. We're very early in the game in western Newfoundland and the story is far from over, I can assure you." This is Cyber Rock