Indocan Resources Negotiating Oil & Gas Properties
August 29 2006 - 6:56AM
PR Newswire (US)
SAN ANTONIO, Texas, Aug. 29 /PRNewswire-FirstCall/ -- The Board of
Directors of Indocan Resources Inc. (OTC:IDCN) reports today that
the Company is in advanced negotiations to acquire a substantial
interest in oil and gas properties with two different companies.
The Oil and Gas Lease Sales Purchase Contract with an Ohio-based
operation involves the purchase of up to fifty percent interest in
multi-well sites that plan to rework and re-open existing wells.
The other company is Texas based with multiple properties. We have
identified one large prospect that has 320 lease acres and plans a
7,000 foot initiative in a field estimated to hold eight million
barrels of oil and over 7 billion cubic feet of natural gas. Once
the agreements are executed a formal announcements will be made to
the shareholders with additional details of drilling schedules and
estimated reserves from geology reports. More can be learned at the
Company website: http://www.indocan.com/. We seek "Safe Harbor"
Company Info: 604-929-7224, Jeffrey R Bruhjell, president CONTACT:
Investor Relations, Ken Ash, 252-728-2925. DATASOURCE: Indocan
Resources Inc. CONTACT: Jeffrey R Bruhjell, president of Indocan
Resources, +1-604-929-7224, or Investor Relations, Ken Ash,
+1-252-728-2925, for Indocan Resources Web site:
http://www.indocan.com/
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