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

To: Cyber Rock who wrote (174)	4/6/1999 9:31:00 PM
From: Buckey	Read Replies (1) \| Respond to of 415

YES - Natural Gas is more desirable - North American market where PCP is Canada's largest producer and has a bigger hand in the market pricing versus OIL - Opec controlled.

To: Cyber Rock who wrote (174)	4/7/1999 9:53:00 AM
From: Len Hynes	Respond to of 415

Hi Cyber Rock; Here is the latest update on Pan Canadian as printed in today's edition of the Evening Telegram: 4/7/99 The Western Star—Shoal Point The PanCanadian Petroleum exploration well is proceeding as planned, said William Zukiwski, drilling superintendent. Zukiwski said a depth of 2,175 metres has been reached and the company is running casing in the intermediate hole section. The casing will be set in concrete and pressure tested, a process which will take about 10 days before regular drilling will resume. Zukiwski said the target depth is between 2,400 to 2,500 metres but, if findings are encouraging, the depth could be taken up to 35,000 metres. He estimated drilling will run until the end of April. This is a high risk expensive well which is said to have a one in 10 chance of success. But PanCanadian is drilling because of trends they have seen in the area and the hopes of a big find, Zukiwski said it's a tough well and, being new frontier exploration, the company is taking its time because it wants to record data as drilling progresses. Shoal Point juts out from the community of Boswarlos on the Port au Port Peninsula. PanCanadian was required to build an 8.2-kilometer road to get to the site was built in the latter part of last year. While the Nabors 375 drilling rig is located on land, the company is drilling about 450 metres under Port au Port Bay towards the western side of Shoal Point. If it chooses, PanCanadian can keep findings under wraps for up to two years

To: Cyber Rock who wrote (174)	4/7/1999 2:44:00 PM
From: Len Hynes	Respond to of 415

Hi CyberRock; I'll take either/or as long as its in economic quantities.To answer your question objectively,there is a great deal of speculation that this area is host to huge oil as well as gas resevoirs. If you look at the Hunt/Pan Canadian 1995 discovery well, test results showed that the two test zones flowed 2.6 and 2.3 million cubic feet of gas respectively.On the extended flow test for 9.5 days, the well produced 5012 bbl of oil and 9.194 million cubic feet of gas on a declining basis. The existence of hydrocarbons indicates there is a hydrocarbon generating system in the area and the potential for an economic gas/oil discovery in the area. Recent press releases from Mobil/Pan Ocean et.al. suggest that we will see a great deal of activity in the West Coast area this year.As you are undoubtedly aware, Vulcan is in the final planning stages (press release...March 31/99) of preparing to drill a well on its Flat Bay permit...I am expecting that we should soon see a further press release on this matter soon. We are about a month-give or take a week-away from the results of Pan Canadian' s well....a significant discovery of either oil or gas or both will undoubtedly create an "explosion" of interest in this area once again.