Indocan Resources Says Drilling to Commence at Abilene
13 October 2005 - 12:53AM
PR Newswire (US)
ADDISON, Texas, Oct. 12 /PRNewswire-FirstCall/ -- Indocan Resources
Inc (OTC:IDCN) today announces that Sunray Oil has commenced
drilling of the first well at Abilene, Texas. Indocan Resources has
a thirty percent stake with Sunray in this prospect. Sunray Oil
Company, Inc. has acquired various leases in the East Merkel Area
of northern Taylor County, Texas approximately 10 miles northwest
of Abilene. The leases are located within a 55 square mile 3D
seismic shoot that has identified at least 12 drill sites on the
acreage. Once the 3D seismic has been evaluated for deeper
horizons, it is anticipated that an additional 100 drill sites may
be evaluated on acreage within the shoot area. Total Reserves are
estimated to be 4,931,800 net barrels having a combined future net
revenue of an estimated $150,631,000 during the remaining
productive life range of approximately 17 to 25 years. Wells on the
adjoining leases had initial production 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. Production came from multiple pay zones that are the
same zones expected from the East Merkel structures. More
information is available at http://www.indocan.com/ Company Info:
+1-604-929-7224, Jeffrey R Bruhjell, president CONTACT: Investor
Relations, +662-343-1631 DATASOURCE: Indocan Resources Inc CONTACT:
Jeffrey R Bruhjell, president of Indocan, +1-604-929-7224, or
Investor Relations, +662-343-1631 Web site: http://www.indocan.com/
Copyright