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

To: Cyber Rock who wrote (311)	9/16/1999 10:55:00 AM
From: Len Hynes	Read Replies (1) \| Respond to 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