Indocan Resources Responds to Recent News Articles
27 June 2006 - 2:51PM
PR Newswire (US)
VANCOUVER, British Columbia, June 26 /PRNewswire/ -- The following
is being issued on behalf of Indocan Resources Inc.: Indocan
Resources Inc. (OTC:IDCN) While many continue to bash our Company
and news articles come out fresh like today from Stockwatch in
Canada, the truth remains that we are in good condition. We are in
better financial condition than ever before. We are NOT going to
lose anything at Abilene and in fact will probably invest more
there in the future, it is one the hottest revitalized oil patches
in the country. We do know the identity of the prospective
purchaser of Sunray Oil assets. Stockwatch reporter Mike Caswell,
is writing his version because we did not feel it was our place to
disclose such information. Mr. Caswell is also confusing things as
he says there is no oil at well #1. During the year 2005 Sunray Oil
drilled a dry hole near Abilene. Since then, in 2006 they have
drilled successfully a well we call #1 and it is pumping 30 to 32
BOPD as it states in the court documents filed by the Securities
and Exchange Commission. He has read the court claims and knows he
deliberately wrote a confusing article so he and Stockwatch could
publish a salacious story. Even the headline at first glance sounds
like Indocan was sued by the SEC, when in fact the SEC has sued on
our and other investors behalf seeking disgorgement and penalties
to Sunray Oil. It is clever writing though we must admit. As of
today, Sunray Oil Co.'s lawyer has told us that he has had talks
with the court appointed receiver and that the receiver agrees that
the drilling must continue and has authorized it as well as
proceeding with the recording of our and others' assignment of
lease interest at the Taylor County court house. He expects that to
be completed by Wednesday, a day later than we were told last week
due to recent events. If we for any reason believe that the court
appointed receiver is not doing what we think is the right thing we
will immediately bring suit to compel him to do so. More
information is available at 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,
+1-604-929-7224; or investors, Ken Ash +1-252-728-2925, both for
Indocan Resources Inc. Web site: http://www.indocan.com/
Copyright