URL The Bellwether Report takes a look into Indocan Resources Inc 5/19/2006
May 19, 2006 (M2 PRESSWIRE via COMTEX News Network) -- Indocan Resources Inc (OTCPK:IDCN), is a company that our research team will be tracking over the ensuing weeks. They recently came out with a significant corporate development, causing a market stir. The BWR Research Team will continue to bring its subscriber's cutting edge research tools, and second to none customer service.
Indocan Resources Inc holder of interests in Texas, Oklahoma, British Columbia and Alberta in both crude oil and natural gas production announced yesterday that the Company has entered into an Oil and Gas Lease Sales Purchase Contract with Sunray Oil of Dallas, Texas, to acquire interests in two different properties.
The Properties are located in Taylor and Wichita Counties, Texas, and are commonly known as the Abilene Project and the Waggoner Estate Project The Abilene Project is 3200 +/- Acres, Taylor County, Texas, 15% Working Interest (11.25 % Net Revenue Interest) Purchase Price $250,000 USD. Sunray will drill and complete two (2) wells to the depth of 2,800' for the "Turnkey Price" of $250,000 USD. Indocan will additionally have the "First Right of Refusal" for further participation in additional wells at the rate of cost plus 20%.
The Waggoner Estate Project is a 880 Acres, Wichita County, Texas, 15% Working Interest (11.25 % Net Revenue Interest) Purchase Price $750,000 USD. Sunray will drill and complete a minimum of five (5) wells and as many additional wells as needed to obtain a minimum production volume of 500 BOPD and re-work and/or re-complete all eighty-four (84) existing wells to maximize production for the "Turnkey Price" of $750,000 USD.
The total purchase price of $1,000,000 for the 15% Working Interest, (11.25 % (NRI) Net Revenue Interest) is payable as follows: Sunray acknowledges that Indocan will raise the money (on a best efforts basis) to fund this Oil and Gas Lease Sales Purchase Contract and Sunray will accept payments of various amounts. The payments will be applied toward the purchase of the Abilene Project 1st, Waggoner Estate Project 2nd. Indocan will pay $150,000 on or before May 26, 2006, and a make a payment of $100,000 on or before June 2, 2006. Indocan agrees to have the balance $750,000 paid to Seller by July 31, 2006.
Following the announcement, shares of Indocan Resources Inc took a significant dive fallowing over 18.0% on huge volume of already 60 million shares. I feel that this company has obviously strengthened their long-term outlook giving this cheap company a lot more potential in their future. The BWR Research Team will continue to follow the market sentiment on this company and numerous others.
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I was really hoping to see .003-.0032 today but it never happened. I've got a healthy position now so am very happy and if it does happen to go lower before running again then will just add more.
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Sunray Oil's Abilene Project Investors Get Excellent Return on Investment
By Elisabeth Lawrence
Sunray Oil's Abilene Project, which is situated about ten miles northeast of Abilene, Texas, recently produced a "gusher." "We just completed the first well of the Abilene Project, and it flowed more than 250 barrels of oil in the initial 48 hours," says Keith Alexander, president and CEO of Sunray Oil Company, Inc. (www.sunrayinvestment.com). Noting that Sunray's investors are ecstatic about their return on investment, he continues, "We choked it back so that it would produce only 50 barrels a day (BOPD) in order to prolong the life of the well. A reserves study shows that this well should produce in excess of 55,000 barrels of oil."
"With the price of crude oil hitting an all-time high of over $70 per barrel, it's more important than ever that the U.S. reduce its reliance on foreign oil and that American oil producers step into high gear," says Alexander. "Right now Americans are consuming over 20 million barrels a day and the U.S. is importing over half of that. This is why domestic drilling – such as Sunray's Abilene Project – is such a boon to American consumers."
Sunray Oil employs the latest seismic, directional drilling, logging, and completion technologies to transform unproductive oil projects into profitable ventures. "Because each location and formation has different characteristics, our engineers and geologists implement state of the art technology to maximize production," says Alexander.
Sunray has begun drilling the Abilene Project's second well, which should be completed within a week. The company has identified over a dozen other drill sites, and anticipates pinpointing an additional 100 drill sites on the oil field. "Overall estimates place the reserves on this site at slightly under 5 million barrels, with projected net revenues of over $150 million," says Alexander.
With investor support, Sunray Oil continues to pump the crude by taking over leases of existing abandoned wells and transforming them into steady and lucrative oil-producing success stories. "Research has proven that extending and sustaining the life of a well is more economically advantageous than drilling a new well," says Alexander. "Sunray's focus is on minimizing risk to its investors while maximizing economic returns."
Abilene is but one of Sunray Oil's promising projects. "We're confident that reworking and drilling existing oil leases in a variety of oil fields will continue to add to our company's bottom line, and help reduce America's dependence on foreign oil in the process," Alexander says.
Since it is unlikely that congressional approval for drilling in the Arctic National Wildlife Refuge (ANWR) will be forthcoming, and Alaska's Prudhoe Bay pipeline infrastructure is crumbling and causing oil spills, it is up to oil producers in the lower 48 to keep the oil pumping. The Texas-based Sunray Oil Company, as an independent oil and gas company with over 50 years of experience in acquiring, drilling, completing, and reworking oil and gas leases, is doing just that. http://articles.simplysearch4it.com/article/00002/26705.html
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By Amanda Battersby Asia Bureau Chief Upstream
US independent, Indocan Resources is the latest company to have its exploration appetite whetted by Cambodia’s prospectivity.
The company has applied for two exploration areas – one coastal site in the far south of the country and another about three miles offshore of it. Indocan wants to perform satellite imaging and drill on the acreage once it gets the green light from the Cambodian government.
Industry interest in exploration has been rekindled by Chevron’s success in offshore Block A where the company notched up five hydrocarbon discoveries – four oil and one gas - from the six wells it has drilled. Sources earlier said that Block A and Cambodia’s offshore waters were likely to be gas-prone although estimated pre-drill recoverable reserves for 400 million barrels of oil were touted for block A.
Indocan has got the funding for its planned exploration although “we are keen to develop strategic alliances”, president Jeffrey R Bruhjell said. Discovering gas would not be a problem for Indocan as it is understood that independent power producer (IPP) projects are planned at locations in Thailand, near to the Cambodian border. Following Chevron’s success, Phnom Penh has this year awarded offshore Block B to a consortium led by Thailand’s upstream PTTEP. Also the Cambodia National Petroleum Authority is negotiating with Singapore independent Kensteel and an unknown Indonesian company for offshore Block D while the X-Change Corporation of the US is understood to be interested in onshore Block A.
Cambodia has no oil or gas production although onshore oil seeps have been reported. Production start-up from Chevron’s Block A is being targeted in 2008. There is still however no end in sight to the dispute between Cambodia and Thailand on the Overlapping Claims Area – offshore acreage with reserves of 11 trillion cubic feet of gas plus oil and condensate potential, according to industry sources.
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******************** pickes IDCN again with a higher price target $0.05
AT ********************, we're focusing solely on undervalued Nasdaq stocks that we feel will return potential profits of 500%+ in 1 to 3 weeks.
We feel this stock pick is very UNDERVALUED! This Company is a SLEEPING GIANT ready to be AWOKEN.
Because of Newer Bigger Devolpements and Huge Enormous Potential.******************** picked (IDCN) Indocan Resources for the second time.We have set a new price target of $0.05
Stock Alert! = Indocan Resources,Inc. Ticker Symbol = IDCN Sector: Basic Materials Industry: Business Services & Oil & Gas Website = www.indocan.com Short Term Target Price = $0.05 Disclosure = We Own Shares Recommendation = MEGA BONUS BUY !!!
Information To Consider
1.Indocan Resources Signs One Million Dollar Deal With Sunray Oil Thursday May 18, BEAUFORT, N.C. The Board of Directors of Indocan Resources Inc (OTC: IDCN - News) announces today that the Company has entered into an Oil and Gas Lease Sales Purchase Contract with Sunray Oil of Dallas, Texas, to acquire interests in two different properties. The Properties are located in Taylor and Wichita Counties, Texas, and are commonly known as the Abilene Project and the Waggoner Estate Project.
2. US independent, Indocan Resources is the latest company to have its exploration appetite whetted by Cambodia’s prospectivity. The company has applied for two exploration areas – one coastal site in the far south of the country and another about three miles offshore of it. Indocan wants to perform satellite imaging and drill on the acreage once it gets the green light from the Cambodian government. Industry interest in exploration has been rekindled by Chevron’s success in offshore Block A where the company notched up five hydrocarbon discoveries – four oil and one gas - from the six wells it has drilled. Sources earlier said that Block A and Cambodia’s offshore waters were likely to be gas-prone although estimated pre-drill recoverable reserves for 400 million barrels of oil were touted for block A.
3.Sunray Oil's Abilene Project, which is situated about ten miles northeast of Abilene, Texas, recently produced a "gusher." "We just completed the first well of the Abilene Project, and it flowed more than 250 barrels of oil in the initial 48 hours," says Keith Alexander, president and CEO of Sunray Oil Company, Inc. (www.sunrayinvestment.com ). Noting that Sunray's investors are ecstatic about their return on investment, he continues, "We choked it back so that it would produce only 50 barrels a day (BOPD) in order to prolong the life of the well. A reserves study shows that this well should produce in excess of 55,000 barrels of oil."
4.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.
5.Indocan Renews With Stock Charter Group British Columbia, today announces that the Company has renewed its Investor Relations Agreement with Stock Charter Group. Stock Charter Group is a full service international investor relations company advising and assisting clients in all facets of investor relations including corporate finance projects. Stock Charter Group's office is located in North Carolina. Stock Charter Group and its principals currently hold a beneficial interest in shares of the Company.
5.RESERVES 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.
ALERT ALERT With the amount of estimated oil reserves 4,931,800 and estimated $150,631,000 A buyout or merger might be on the horizon from one of the Big Oil Players
ACCUMULATION ACCUMULATION.........is the Key Word
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oh yeah i got a mill at 32... plus a few hundred K leftover from the last run:) That run was a tease of the run to come. This will explode... just a matter of time!! LOCK'EM AND LOAD'EM!!
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quote:Originally posted by juice: oh yeah i got a mill at 32... plus a few hundred K leftover from the last run:) That run was a tease of the run to come. This will explode... just a matter of time!! LOCK'EM AND LOAD'EM!!
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