Labrador

Investcan Energy Corp. has the right to earn a further 20% working interest in EL1107 off Labrador from Vulcan Minerals Inc., St. John’s, Newf., by funding a 2D seismic survey to a limite of $8.2 million by Dec. 1, 2010.

July 27, 2010

By OGJ editors
HOUSTON, July 27 – Investcan Energy Corp. has the right to earn a further 20% working interest in EL1107 off Labrador from Vulcan Minerals Inc., St. John’s, Newf., by funding a 2D seismic survey to a limite of $8.2 million by Dec. 1, 2010.

EL1107 was issued Nov. 15, 2008, to Vulcan and Investcan 50-50, and the companies have formed a joint venture to attract a drilling partner. The license confers the right to explore the 584,000-acre block in the Hopedale basin for 6 years plus an optional 3-year extension.

The block is adjacent to and on trend between the Bjarni and North Bjarni discoveries with 3.1 tcf of recoverable gas to the northwest and the Gudrid discovery with 924 bcf of recoverable gas to the southeast.

Vulcan and Investcan also have a joint venture to explore the Bay St. George basin in western Newfoundland, where completion and testing of two wildcat wells are to begin shortly.