Indocan Resources Commits to Sunray Oil on Carnell Project
July 15 2005 - 2:53PM
PR Newswire (US)
Indocan Resources Commits to Sunray Oil on Carnell Project ADDISON,
Texas, July 15 /PRNewswire-FirstCall/ -- Indocan Resources Inc.
(OTC:IDCN) and Genoray Advanced Technologies (OTC:GATL) jointly
announce they have entered into a commitment with Sunray Oil
Company of Addison, Texas, http://www.sunrayoilcompany.com/ and a
consortium assembled by Sunray Oil, whereby Indocan Resources Inc.
and Genoray Advanced Technologies Inc. have agreed to purchase a
30% interest in the Carnell No. 3 Project in Garvin County,
Oklahoma five miles west of Pauls Valley, Oklahoma. Sunray will
drill a new well to the Basal Creek Sand to a depth of 6,700 feet.
At this depth we should have penetrated the upper 1st Deese, Viola,
1st Bromide and the Oil Creek Sand Formation for oil & gas
production. Our initial production rate could be as high as 200 to
300 BOPD for 90 to 120 days. The total estimated remaining
recoverable oil from all zones in place of 500,000 barrels per
well. The deal with Knightsbridge Credit & Banking Trust
(Switzerland) of Dubai, United Arab Emirates has not been pursued
by Knightsbridge and the Board of Directors of Indocan Resources
Inc. considers its commitment to have expired. More information is
available at http://www.indocan.com/ Company Info: +1-604-929-7224
Jeffrey R Bruhjell, president CONTACT: Investor Relations, Ken Ash
+1-252-728-2925. DATASOURCE: Genoray Advanced Technologies Inc.
CONTACT: Ken Ash, Investor Relations, +1-252-728-2925 Web site:
http://www.sunrayoilcompany.com/ Web site: http://www.indocan.com/
Web site: http://www.genoray.net/
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