Business
Vulcan Minerals Inc. Appoints CFO - Exploration Update
Vulcan Minerals Inc. Appoints CFO - Exploration Update.
About this update from Vulcan Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nST. JOHN'S, March 1 /CNW/ - Vulcan Minerals Inc. (\"the Company\" \nTSX-V: VUL), is pleased to announce that Mr. Don Allen, C.M.A., C.A. has been\nappointed Chief Financial Officer of the Company. Mr. Allen is a member of the\nCanadian Institute of Chartered Accountants and the Institute of Chartered\nAccountants of Newfoundland since 1991. He is also a member of the Society of\nManagement Accountants of Newfoundland and the Society of Management\nAccountants of Canada since 1990. Mr. Allen has worked as a Chief Financial\nOfficer of an international law firm, Audit Senior for PricewaterhouseCoopers,\nAudit Manager for the Office of the Auditor General of Newfoundland and\nLabrador and currently operates his own business in the finance industry. He\nbrings a wealth of accounting experience to the Company. His appointment is\nsubject to TSX Venture Exchange approval.\n\nWestern Newfoundland Petroleum Exploration\n------------------------------------------\n\nThe Company has received and is having processed and interpreted all of\nthe seismic data and high-resolution aeromagnetic data from its late \n2005 surveys of the Bay St. George basin. These data are proving to be very\nbeneficial to the progressive understanding of the geologic structure of this\nunder-explored basin. In particular, the high-resolution magnetic data is\nproviding geophysical control between seismic lines and assists in imaging the\narchitecture of the basin believed to control potential petroleum traps. As\nwell, an engineering review of the 2005 drill results in the Flat Bay area is\nbeing undertaken to formulate a 2006 drill program. The Flat Bay oil deposit\nis a shallow discovery (up to 150m oil bearing zone within a gross interval \n40-275m deep) in a tight reservoir. New data in the area will focus on\nfracture identification as targets for improved reservoir quality. Following a\nfull evaluation of the 2005 drill results and the new geophysical data, a\ndrill program for 2006 will be formulated with drilling anticipated to\ncommence in the 2nd quarter of 2006. The Company remains very encouraged by\nthe significant oil and gas shows encountered in its 2005 drill program. The\ndrilling proved the existence of a petroleum system at least 20km south of its\nFlat Bay discovery which legitimizes the prospectivity of much of its\napproximately 23...