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

To: Len Hynes who wrote (223)	5/30/1999 7:50:00 PM
From: Buckey	Read Replies (1) \| Respond to of 415

did nopt the NR say they were reclaiming the site?? That means the party is over - They are packing it in/ I hope I am wrong but that is what the PCP NR said. They dont play the BS games - They have lots more properties to drill in the east - Most of them offshore. I will assume that what they said is the way it is. PanCanadian Petroleum Ltd - PanCanadian's results of Shoal Point well PanCanadian Petroleum Ltd PCP Shares issued 376,614,296 1999-05-26 close $20.5 Wednesday May 26 1999 Mr. Gerry Macey reports PanCanadian Petroleum and its partners have completed the drilling and testing of their exploration well at Shoal Point, on the Port au Port Peninsula in western Newfoundland. The well was drilled to a total depth of 3,035 metres, encountering one zone of potential interest. A drill stem test of the zone flowed salt water. No significant hydrocarbons were encountered. PanCanadian and its partners will abandon the well and reclaim the site. "While we had high hopes for this well, it has obviously fallen short of our expectations," said Gerry Macey, PanCanadian's executive vice-president exploration. "The results of this and previous wells along Newfoundland's west coast indicate the high-risk nature of exploration in this frontier region." PanCanadian will evaluate the data obtained from the Shoal Point well before deciding upon future exploration plans for the area.