Indocan Resources Projects Update Wednesday May 16, 10:05 am ET
VANCOUVER, British Columbia, May 16 /PRNewswire-FirstCall/ -- Indocan Resources, Inc. (OTC: IDCN - News) has several projects in North America other than the potential in Australia. Last year we invested in three oil wells in Texas, to-date one well has been drilled and is producing 15 to 20 BOPD and the operation is being managed by a court appointed receiver. We look to get this resolved soon. We have a Memorandum of Understanding with an Australian-owned Wyoming-based oil and gas exploration company to joint venture forty or more shallow gas wells. ADVERTISEMENT
Northeastern British Columbia has opportunities and we are looking seriously at the funding and drilling of four shallow gas wells there. This opportunity would give us individual control and not be subject to the decisions of others.
There are numerous projects in the eastern United States we have been invited to join. Due to the need for capital and the low price of our common stock the Company board of directors has authorized an issuance of preferred shares. We are in talks with potential funding agents to float such an issue and provide much needed capital to avail ourselves of these opportunities.
A number of stock market groups have expressed interest in our common stock trading and have been accumulating our shares based on the potential for our Company once we have suitable funding and the projects are producing.
Company president, Jeffrey R Bruhjell says "we are very close to putting this all together and should have a successful 2007 and years to come".
Indocan Resources is a junior oil and gas exploration and development company with primary interests in the United States and Canada.
We seek "Safe Harbor"
Company Info: +1-604-929-7224 Jeffrey R Bruhjell, president
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