News
Field Operations Underway
August 16, 2010
Vulcan Minerals Inc. (“the Company” TSX-V: VUL) is pleased to provide the following update on field operations in the Bay St. George basin in western Newfoundland:
Completions Testing
A service rig has assembled on the Robinson#1 well for the completion operations followed by mobilization to the Red Brook #2 well. Phase I will consist of perforating certain zones, pressure testing and injectivity testing towards designing a fracture stimulation program (Phase II) for favourable intervals as previously described in a news release dated July 13, 2010.
Onshore Seismic
The proposed 2010 seismic program will commence field operations this week with pre-flag scouting of lines. The 2D program will consist of approximately 140 line kilometres and will be the largest single program ever acquired onshore western Newfoundland. The program is designed to 1) delineate the Jockey structure situated on the south flank of the Robinson and Red Brook gas discoveries 2) delineate the Red Brook structural area 3) provide data downdip of the Flat Bay oil deposit with the intent to identify oil targets in this area at modest depths less than 1500 metres. Based on the current schedule the acquisition program should be completed by the end of November. The data will be processed and interpreted as soon as possible to finalize additional drill targets in the survey area.
Airborne Survey
An airborne geophysical survey is currently being flown over the Flat Bay oil deposit area in an attempt to better understand the internal structure of the deposit. The identification of faults and fractures, which would enhance natural permeability in the deposit, will be helpful in locating areas for further drilling and evaluation. The Flat Bay oil deposit occurs at a shallow depth (top of oil zone as shallow as 120 metres) in a low permeability reservoir.
These field operations continue the ongoing evaluation of the Bay St. George basin. The Company in conjunction with its 50/50 joint venture partner Investcan Energy Corporation are committed to a full evaluation of their petroleum discoveries in the basin.
Vulcan is a diversified junior exploration company focused 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
For information please contact:
Patrick J. Laracy, President
Gerri A. MacNeil, Business Manager, Investor Relations
(709) 754-3186