Stock Symbol: TSX: VUL
Shares issued: 28,510,884
ST. JOHN'S, Nov. 18 /CNW/ - Vulcan Minerals Inc. ("the Company" TSX-V:
VUL), announces that operations at the Hurricane No. 1 well in Western
Newfoundland are completed. The well was drilled to a depth that tested the
geologic objectives. Numerous gas shows were encountered while drilling. The
well has been logged and several drill stem tests were carried out. None of
the tests encountered commercial hydrocarbons and the well will be plugged and
suspended for possible future re-entry and further evaluation. The main target
beneath the evaporite section flowed approximately 36 barrels of water per day
based on drill stem test recovery and indicated good reservoir
characteristics. Oil shows in the form of fluorescence were encountered in the
target and suggest that the zone was subsequently flushed with water at this
location. The presence of gas shows over a gross interval of 300 metres also
indicates that the petroleum system within the basin extends at least 15 km
south of the Flat Bay oil discovery. This bodes well for the prospectivity of
several targets within the Hurricane Structure which extends over a potential
area of approximately 100 km2 and will require several wells to test its
various fault compartments.
The Company will now move its rig 3 km west to drill test an updip
portion of the Hurricane Structure. The Hurricane No. 2 well will test the
Fischells Brook conglomerate and an underlying seismically anomalous section
not previously drilled.
Magnetic Survey/Coal Bed Methane
--------------------------------
The Company has entered into an agreement with Aeroquest Limited to
acquire approximately 4,000 line kilometres of airborne high resolution-
magnetics over the Company's entire land package in the Bay St. George Basin.
Surveying should commence shortly. This data combined with a growing geologic
database will greatly assist the exploration of the basin. As well, the
magnetic survey will enhance the structural interpretation of the St. George's
Coalfields which are being assessed for their coal bed methane potential.
The TSX Venture Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00003997E
