Projects
Parson's Pond
Vulcan Minerals Inc. holds minority interests in two petroleum permits, (7-10%) at Parsons Pond on the Great Northern Peninsula. The Parsons Pond parcels lay within the Anticosti Basin, which is part of the Utica Trenton-Black River trend, an area being successfully explored in the United States and Quebec.
Approximately 27 historical holes have been drilled in the Parsons Pond area and commercial production was achieved for a period during the 1920’s. None of the holes were deep enough to test the large structures recently identified on seismic lines.
On August 6, 2009, Nalcor Energy acquired an average 67% working interest and operatorship in the Parsons Pond permits from a private company. Nalcor Energy is a provincial (Newfoundland and Labrador) crown corporation active in hydro-electric generation and oil and gas development. The Company participated in a two well drilling program in 2010-2011 to test deep targets on the permits. The first well, Seamus #1 on exploration permit 03-103 reached a total depth of 3,160 metres in late May 2010 and encountered a gas bearing zone. Seamus was re-entered early 2011 for testing operations, the results of which are currently being evaluated. The Company owns a 10% working interest in EP 03-103. The second well, Finnegan #1 on exploration permit 03-102 (where the Company owns a 7.39% working interest) reached a total depth of 3,130 metres in early December 2010. The well encountered natural gas and is currently suspended. These wells are the first deep wells to be drilled in this part of the Cambrian-Ordovician aged Anticosti Basin in western Newfoundland. Nalcor Energy as operator is currently evaluating its plans for the project.
