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Gold/Mining/Energy : POE:VSE PAN OCEAN EXPLORATIONS INC. -- Ignore unavailable to you. Want to Upgrade?

To: Len Hynes who wrote (133)	5/13/1999 3:27:00 PM
From: Len Hynes	Respond to of 277

Hi CIMA; Here is Vulcan's latest news....just released. Looking real good for some action in the very near future...remember this drilling will be on the same property where previous drilling intersected ~50 ft. of petroliferous conglomerate.It will be interesting to see if VUL can intersect this zone from a different drill location...and get a better fix on how deep this oil bearing conglomerate actually is.Should be very interesting indeed! Vulcan Minerals Inc. Signs Drilling Contract Stock Symbol: ASE:VUL Shares issued: 9,519,500 ST. JOHN'S, NF, May 13 /CNW/ - Vulcan Minerals Inc. (the company, ASE:VUL) reports that it has submitted a drilling application to the Government of Newfoundland and Labrador to drill a petroleum well on its Flat Bay permit 96-105 onshore western Newfoundland. The application and related permitting is presently being processed. As well, the company has entered into a drilling contract with Eastern Oilfield Services Ltd. to drill the 300 metre well on the Flat Bay permit. The contract is conditional upon obtaining all necessary drilling approvals. Drilling will commence as soon as these approvals are obtained and the rig has been mobilized onsite. In a related matter, the farmout agreement between the company and London Resources Inc. (an affiliated company, see press release dated November 4, 1998) has been amended such that the earn-in drilling commitment is extended from May 31, 1999 to May 31, 2000. It is the company's intention to commence drilling of the above-noted well as soon as permitting allows.