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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (6202)	3/25/1999 9:17:00 AM
From: Len Hynes	Respond to of 24892

Hi Kerm; Western Star is the daily newspaper on the West Coast of Nfld.

To: Kerm Yerman who wrote (6202)	3/25/1999 9:58:00 AM
From: johnlag	Read Replies (1) \| Respond to of 24892

Kerm/ALL Ranger (RGO - TSE) Any comments. All I hear is that there's a buyout on the table between 7 and 10. NAV being in the high tens. Stock sure looks good. TIA, John

To: Kerm Yerman who wrote (6202)	3/30/1999 7:58:00 PM
From: Len Hynes	Read Replies (1) \| Respond to of 24892

Hi Kerm; Here is a further update on the situation on the West Coast of Nfld...involving Pan-Canadian and Vulcan Minerals: The Canada Newfoundland Offshore Petroleum Board reported today that the Shoal Point well being drilled by Pan-Canadian is now at 2175 meters, and getting near the first target zone of ~2400 meters. I would expect that Pan-Canadian is currently casing the well as they continue to drill.If all goes according to plan, Pan-Canadian should penetrate the first zone within the next 12-18 days. According to industry sources, the seismics indicate that this is an elephant target that has the potential to host more than 130 million barrels of oil. In addition to the Shoal Point structure, there remain several other prospective geological structures awaiting drilling.In the near future we should see Vulcan Minerals (VUL-C) drill test its Flat Bay permit which is located just 25 kilometers from Pan-Canadian's Shoal Point well. For reference purposes, investors who are following this play need to be aware that Vulcan drill tested their Flat Bay permit in November 1996, and reported that the hole penetrated a petroliferous conglomerate from 450-500 ft. which bled a light brown biodegraded oil over the 50 ft interval.To my knowledge, Vulcan's drill permit at the time was limited to a depth of 500 ft, thus the target remains open at depth.This time I would expect Vulcan to drill much deeper to determine the full oil potential of this zone. While the company has not recently announced the commencement of drilling on the Flat Bay permit, a press release dated Nov,4,1998 stated that Vulcan plans to drill by May 31,1999. That date is fast arriving. Should Pan-Canadian make an economic discovery with their Shoal Point well, Vulcan's two onshore and three strategic offshore parcels will be worth millions, irrespective of Vulcan's level of drilling success on their Flat Bay permit. .For those of you who are not aware, these five parcels make Vulcan the largest net land owner in the entire Newfoundland offshore area which includes western Nfld. and the Grand Banks area, home of the now producing Hibernia oil field. According to government announcements, we will see a significant increase in exploration and drilling activity in offshore Nfld. this year...including the west coast. This update may be a little long-winded, however, I trust that it helps to put in perspective the strategic position of Vulcan in this exciting oil play.