Indocan Resources Engages Geologists

QUEENSLAND, Australia, Feb. 13  /PRNewswire-FirstCall/ -- Indocan Resources Inc (OTC:IDCN) today announces it has entered into the evaluation phase of two properties whereby Indocan will engage professional geologists to evaluate the properties and prepare appropriate reports.

The properties are located in Australia and Wyoming, and Indocan is looking to execute farm in Joint Ventures in each instance. The arrangement would include all normal JV terms and conditions, including processes for JV Committee, voting, representation, accounting principles and other normal and standard provisions. It is envisaged that an appropriate Memorandum of Understanding (MOU) would precede formal agreements.

That would include preliminary program and budget details for the JV. It is envisaged that a sum in the order of $10 million (USD) would be required in the first earning period of the JV.

An initial period of one month is envisaged to reach an agreement or otherwise. Either party may terminate the negotiations at any time. Each party will, unless otherwise agreed, bear their own costs. Negotiations are intended to take place mainly in Queensland.

The Wyoming properties involve the exploration and development of hydrocarbons while the Australian properties involve exploitation of uranium.

  More information is available at http://www.indocan.com/

  We seek "Safe Harbor"

  Company Info: [phone] Jeffrey R Bruhjell, president


DATASOURCE: Indocan Resources Inc



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

[phone] 



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

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