Indocan Resources and Allied Energy JV South Douglas

LONDON, March 6  /PRNewswire-FirstCall/ -- Indocan Resources Inc (OTC:IDCN) and Allied Energy Corp (OTC:AGYP) agree to Joint Venture its interest in the South Douglas projects in Wyoming. Indocan has agreed to an earn-in with Allied Energy and its parent, Australian Gold Holds Ltd, to pay the sum of AUD$1,700,000 to Australian Gold Holdings Limited for 25 percent interest in the uranium properties. Indocan will then be entitled to 25 percent of the net earnings of South Douglas oil and gas properties held by Australian Gold Holdings subsidiary AGYP.

The Powder River Basin, Wyoming, USA projects are called Deep Dome and Shallow Ridge. Deep Dome highlights 4227.24 gross acres more or less under contract. Petroleum Geologist reports depicting potential reserves as 81.9 million barrels of oil in the general location. Evidence suggests larger reserves in the Deep resource to 17,500ft.

Shallow Ridge benefits from four operating oil wells producing revenues since 1964 that will be re-worked to enhance production. Shallow Ridge has 8424.41 gross acres more or less with purchase contract settlement complete with ownership transfer in progress. Gas was discovered in the 1960's and not produced. An initial field of 40 gas wells is planned and then another 80 gas wells after that. The expected drilling depth is about 1200 feet (360 meters).

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

  We seek "Safe Harbor"

  Company Info: [phone] Jeffrey R Bruhjell, president

  Investor Relations Indocan Resources, Inc.: Ken Ash [phone]

  Investor Relations Allied Energy Corporation Inc. [phone]

  Investor Relations Australian Gold Holdings Ltd. [phone]


DATASOURCE: Indocan Resources Inc.



CONTACT:  Jeffrey R Bruhjell, president, [phone], or investors,

Indocan Resources, Inc., Ken Ash, [phone], or Allied Energy

Corporation Inc., [phone], or Australian Gold Holdings Ltd.,

[phone]



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

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

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