Vulcan Minerals Inc. (“the Company” TSX-V: VUL) is pleased to announce that 9 5/8 inch casing has been set and cemented at 2057 metres in the Vulcan-Investcan Robinson’s #1 well. The well is currently drilling ahead at 2155 metres. The well is a frontier wildcat well designed to test a seismically defined structure in the Carboniferous aged Bay St George basin onshore western Newfoundland. The structure and offsetting play area could exceed 100 square kilometres in aerial size. It is being carried out pursuant to a 50/50 joint venture with Investcan Energy Corporation.
The Bay St. George basin has a proven active petroleum system confirmed by several wells which have encountered oil and gas shows at depths less than 1000 metres deep. The Robinson’s #1 well will be the first deep well in the basin interpreted to penetrate a stacked sequence of sandstones and shales favourably located to the source rock area which will optimize the charging of potential reservoir rocks. The company is permitting two additional locations for follow up wells following Robinson’s #1 in an attempt to systematically explore the three petroleum permits covering approximately 250,000 acres held by the Vulcan-Investcan joint venture. Two of the permits, 03-106 and 03-107 are due to expire in February 12, 2010. If petroleum discoveries are made on the permits, the permits are extended upon filing a development plan application towards obtaining a production lease subject to regulatory approval.
The Company also expects to be participating, subject to financing, in an upcoming drilling program at Parsons Pond, western Newfoundland where Nalcor Energy recently acquired majority ownership and operatorship. The company owns an average 12% working interest over three onshore Parson’s Pond permits. Exploration plans for this area are expected to be announced in the near future.
The Company also advises that it has launched a new website www.vulcanminerals.ca designed to be more user friendly. Viewer feedback is always welcomed as we strive to provide up to date information on our company.
Vulcan is a diversified junior exploration company focussed on petroleum exploration in the under-explored Western Newfoundland and Labrador areas and also holds mineral interests in areas strategic to its operations in Newfoundland and Labrador.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company.
There can be no assurance that forward-looking information will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise