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

To: Len Hynes who wrote (45)	5/12/1997 10:35:00 AM
From: Jeff Spurrell	Respond to of 415

VULCAN MINERALS INC. COMPLETES SUCCESSFUL FLOW TEST OF ONTARIO OIL WELL "I really like this diversification. PS: Ashton supposed to be releasing news this week on the diamond play! - JR" VULCAN MINERALS INC. COMPLETES SUCCESSFUL FLOW TEST OF ONTARIO OIL WELL Stock Symbol: VUL:ASE Shares issued: 8,574,500 May 9/97 close price: $0.55 ST. JOHN'S, Nfld., May 12 /CNW/ - Vulcan Minerals Inc. (the company, ASE:VUL) is pleased to announce positive results from its flow test of oil well S. Gosfield 3-K-11 in Southern Ontario. Clearwood Resources Inc., the operator, reports that the S. Gosfield 3-K-11 well has been completed for production in the Trenton formation. Initial production estimates are in the range of 100-150 barrels of oil per day (bbl/d). This is based on a three hour flow test of 15 barrels of oil per hour with no visible water and 200 pounds per square inch flowing pressure. Given the operator's experience in completing wells in the Trenton formation, a mild acid stimulation was used to clean up the hole around the wellbore prior to production. Storage tank and pump jack installation etc. is expected to be completed by May 16th whereupon production will commence. Initial production rates will be monitored to ensure optimum production conditions. As well, additional seismic lines have been designed and should be shot in a couple of weeks to delineate further offset drilling locations. The company is very satisfied with the success of its first hole in the S. Gosfield project and looks forward to participating in other offset locations in this project. Pursuant to an agreement dated March 17, 1997, the company acquired the rights to a 12% participation interest in the S. Gosfield project from Clearwood Resources Inc. The Alberta Stock Exchange neither approves nor disapproves of the information contained herein.