Indocan Resources Reports Spudding of Abilene #3
June 20 2006 - 12:56PM
PR Newswire (US)
ABILENE, Texas, June 20 /PRNewswire-FirstCall/ -- Indocan Resources
Inc (OTC:IDCN) reports our oil partner and driller Sunray Oil
Company has Spudded Abilene #3 well. Target depth on this hole is
2850 feet and they expect to TD the well in five days or so. The
leases contain several anticlines (buried hills) that are similar
to known producing structures in the area. Some channel sands were
also indicated on the southern portion of the leasehold area. These
were discovered as a result of the 3D seismic. The leases are
located in the vicinity of one of the most prolific fields in the
county known as the Reddin Field (cumulatives in excess of
10,000,000 barrels of oil since discovery in the early 1900s). Our
geologists believe that the dome of the formation is located under
what will be wells #3 & #4. In this area, production has
occurred from more than 10 zones down to a depth of 2600 feet.
Wells on the McCoy leases had initial potential of over 100 barrels
of oil per day (BOPD) on the average with some wells having initial
production rates exceeding 1000 BOPD. Most of these wells flowed
for over 5 years and 20 years later were still producing in excess
of 25 BOPD. Sunray's Abilene #1 initial flow rate was 125 BOPD and
is currently producing 30 to 32 BOPD this will be opened-up a bit
after about nine months. The swabbing unit is finishing our #2
Abilene well this week. We'll receive flow reports after that. More
information is available at http://www.indocan.com/ We seek "Safe
Harbor" Company Info: +1.604.929.7224 Jeffrey R Bruhjell, president
CONTACT: Investor Relations, Ken Ash +1.252.728.2925 DATASOURCE:
Indocan Resources Inc CONTACT: Jeffrey R Bruhjell, president,
+1-604-929-7224, or investors, Ken Ash +1-252-728-2925, both for
Indocan Resources Inc Web site: http://www.indocan.com/
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