Indocan Resources Buys Into Abilene & Albany Projects



Indocan Resources Inc today announced it has entered into an agreement with Sunray Oil Company of Addison, Texas and a consortium assembled by Sunray Oil, whereby Indocan Resources Inc. has agreed to purchase a 30% interest in the Abilene and 30% interest in the Albany projects as well as the original commitment on the Carnell No. 3.

At Abilene, Sunray will drill and complete two (2) wells to the depth of 2,800' and Indocan will additionally have the "First Right of Refusal" for further participation in additional wells.

At Albany Sunray will drill and complete ten (10) wells to the depth of 2,800', re-work and/or recomplete all thirty-six (36) wells to maximize production. Indocan will additionally have the "First Right of Refusal" for further participation in additional wells.