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

To: Killick who wrote (342)	11/14/1999 11:32:00 AM
From: Len Hynes	Respond to of 415

Hi Killick; Not much to report at this time on Vulcan, except that the President , Pat Laracy has returned from a week-long trip to Toronto and Western Canada meeting with brokerage houses and companies interested in the West Coast oil play.Vulcan is focused on procuring the funding and /or joint venture means to spud a deep well on the Flat Bay property. Results from the recent Flat Bay#2 well were very encouraging ....here is a short excerpt from my earlier post... On Sept. 15/99, Vulcan Minerals suspends operations at Flat Bay #1 after drilling intersects more than 100 meters ofsignificant oil shows. These shows consist of the presence of live oil in the drilling fluid and extensive flourescence in drillcuttings indicative of an oil bearing formation.This is the first on-shore well on Nfld's West Coast that has successfullyencountered significant oil at shallow depths in the St. Georges Basin...brand new discovery. This well holds the potentialfor large pay zones. I am expecting to hear something publically from Vulcan in the near future re its plans to proceed with further drilling in the St. Georges Basin.I expect that this deep well will attract a lot of industry as well as investor interest , given the enormous hydrocarbon potential of the St Georges Basin.It is not unlikely that recent trading action in the stock is telling us that we are getting close to some interesting developments in this regard. In a recent telephone conversation with Mr. Laracy, he indicated to me things are moving forward nicely for Vulcan and he remains steadfast in his resolve to prove that the St. Georges Arch structure is host to world-class hydrocarbon reserves.......the information gleaned from Flat Bay #2 adds further credence to that tenet.In this well, Vulcan will be targeting three separate zones of interest,including the deeper Ordivician aged reservoirs in which Hunt Oil demonstrated the presence of high quality,sweet oil in 1997. The weeks ahead should be very interesting and exciting for Vulcan shareholders.