Indocan Resources Commits to Waggoner Estate Project

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: [phone] Jeffrey R Bruhjell, president

  CONTACT: [phone]


DATASOURCE: Indocan Resources Inc.



CONTACT:  Jeffrey R Bruhjell, president of Indocan Resources Inc,

[phone], or [phone]



Web site:  http://www.indocan.com/ 

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