Indocan Resources Commits to Waggoner Estate Project
14 December 2005 - 6:46AM
PR Newswire (US)
ADDISON, Texas, Dec. 13 /PRNewswire-FirstCall/ -- Indocan Resources
Inc. (OTC:IDCN) today announces it has also entered into an
agreement with Sunray Oil Company of Addison, Texas,
http://www.sunrayoilcompany.com/, whereby Indocan Resources Inc.
has agreed to purchase a 30% interest in the Waggoner Estate
Project with "First Right of Refusal" for further participation in
additional wells. Sunray Oil Company, Inc. is acquiring various
leases in the Wichita County Regular Field, located in Wichita
County, Texas. These leases are comprised of 80 oil wells and 4
disposal wells. Production from just a few wells located on the 4
leases is approximately 25 bopd. The leases were started up in a
skeleton state and have only minimum production rates to date. The
leases were abandoned by the previous operator due to sickness and
lapsed into non-productive status. Within 60 to 90 days (weather
permitting) production should increase to an average of 250 to 300
bopd. After placing all of the wells back into production and the
(proposed) 25 wells have been drilled, production will increase to
approximately 750 bopd. More information is available at
http://www.indocan.com/ Company Info: +1-604-929-7224 Jeffrey R
Bruhjell, president CONTACT: +662-343-1631 DATASOURCE: Indocan
Resources Inc. CONTACT: Jeffrey R Bruhjell, president of Indocan
Resources Inc, +1-604-929-7224, or +662-343-1631 Web site:
http://www.indocan.com/
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