Vulcan Files Flat Bay Petroleum Development PVulcan files Flat Bay development plan
Vulcan Minerals Inc VUL
Shares issued 15,659,753 Sep 3 2003 close $ 0.22
Thursday September 4 2003 News Release
Mr. Patrick Laracy reports
VULCAN MINERALS INC.-FLAT BAY OIL UPDATE
Vulcan Minerals has filed a development plan pursuant to the Newfoundland and Labrador petroleum regulations in respect to the Flat Bay No. 1 oil discovery onshore western Newfoundland. The purpose of this plan is to set out the proposed operations required to determine if the Flat Bay discovery is capable of commercial production and how that production will be undertaken. Phase I of the plan proposes the stimulation of Flat Bay No. 1 and the drilling of Flat Bay No. 2 approximately 1.5 kilometres east of Flat Bay No. 1. Before the final development plan is considered for approval or rejection, the company must supply certain outstanding technical information. In the interim petroleum permit 96-105 will remain in force. Results from phase I of the operations will assist in defining key geological and engineering data toward completing a final development plan. It is anticipated that the Flat Bay oil pool may be initially developed on a single-well battery basis allowing for incremental expansion with step-out development wells. Phase I operations are anticipated to commence in late 2003 with the stimulation of Flat Bay No. 1 followed by the drilling of Flat Bay No. 2. Further delineation drilling is planned in 2004. For details on the company's onshore western Newfoundland petroleum properties please visit the company's Web site at www.vulcanminerals.ca.
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