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Koi Article Archive
St. John's, Newfoundland April 15, 2004 -- Vulcan Minerals Inc. ("the Company" TSX: VUL) announces that the Parson's Pond #1 well currently being drilled in western Newfoundland encountered a fault zone at approximately 1060 meters that prevented further drilling with the existing drill string. In order to allow for drilling deeper into the Daniel's Harbour target zone and/or a completion for potential up-hole horizons, the drill string was cemented in place for the purpose of casing the hole.
The drilling rig is going to be released and the participating companies will be reviewing all technical data obtained to determine the optimum go forward steps. As a result of its 16.67% participation in the well, the Company has earned a 10% working interest in petroleum permits 03-103 and 03-101 (70,000 acres) in the Parsons Pond area from the operator, Contact Exploration Inc. of Calgary.
The Company continues to prepare its drilling application for Flat Bay #2 in western Newfoundland as described in a news release dated March 31, 2004. Timing for the drill program will be announced as soon as determined. It is the Company's intent to proceed as soon as practical. As well, the Company is reviewing different options in regard to pumping the remaining fracture stimulation fluid from Flat Bay #1.
Stock Symbol:
TSX: VUL
Shares issued:
22,712,134
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