Indocan Resources Inc. (IDCN)

[I Like Bottom Fishing]

http://www.indocan.com/energyproperties.html
see message dated june 22 2006
Energy



News on Company Projects!

August 7--As you know by now, we have to wait for the Federal Court Receiver dealing with the Sunray Oil Company and related parties matter to play out. The next appearance for the Receiver in court is mid-September. Meanwhile we continue to look at several very viable oil and gas projects both in the Texas, Pennsylvania, Ohio, Tennessee and Alberta.

We are working on a partnership offering that will bring sufficient investment for Indocan to be a player of significant size in certain oil and gas fields. This offering is not Company Common Stock so it is not dilutive and benefits the Company accordingly.

July 28--In late May 2006 we fully paid for our interest in a property known as Abilene, in Taylor County, Texas. This was a 15% Working Interest, 11.25% Net Revenue Interest to be legally recorded. We have paid our full payment of $250,000 and the seller, Sunray Oil Company, Inc. has not yet delivered us a recorded title as promised.

On June 22, 2006 a court order was sought by the United States Securities and Exchange Commission in four filings against Sunray and others. The Federal Court granted a receiver. The receiver has completed a preliminary report and has filed it with the court as of 24 July this week. The essence is that the receiver needs more time to help us and other investors and asked the court to allow him to report further on 11 September 2006.

We will continue with our business of buying into oil wells to be drilled. We are funding these efforts with a partnership offering and not further diluting the Company Common Stock. The Abilene matter will be sorted out in the future, meanwhile, we must carry on with our business plan. Thank you for your support.

Flying A well D-60-E/94-G-15 to be spudded June 26



Flying A Petroleum Ltd (C:FAB)
Shares Issued 48,832,348
Last Close 6/23/2006 $0.255
Monday June 26 2006 - News Release

Mr. Nash Meghji reports

FLYING A PETROLEUM LTD. ANNOUNCES SPUDDING OF PROPHET RIVER EXPLORATORY WELL (d-60-E/94-G-15)

Flying A Petroleum Ltd.'s Prophet River Slave Point exploratory well (D-60-E/94-G-15) is scheduled to be spudded on June 26, 2006. The well is expected to take approximately 65 to 70 days to reach total depth and an additional two to three weeks for testing and completion, if warranted. The drilling of this test well has been contracted to a major Canadian oil and gas company.

The 2-D and 3-D seismic data have been reviewed by qualified and experienced representatives of all partner companies and the major Canadian oil and gas company. They have unanimously approved the well plan. Their interpretation and consensus confirm the main target of this project, the Slave Point formation, is a closed, five-cycle (full Slave Point) buildup and contains the following two prospective zones within the formation:

i. The first prospective horizon is stratigraphically equivalent to the producing zone of the nearby Adsett field. Porosity distribution, as interpreted from the 3-D seismic, is comparable with that of Adsett-producing wells. Adsett has produced 91.6 billion cubic feet of gas from four Slave Point pools to March, 2006 (source: B.C. Oil and Gas Commission "Reserves Data For All Oil and Gas Pools in B.C.").

ii. The second prospective horizon (upper Slave Point) is productive in the prolific Clarke Lake field which has produced 1.65 trillion cubic feet of gas from the Clarke Lake Slave Point A pool to March, 2003 (source: B.C. Oil and Gas Commission "Reserves Data For All Oil and Gas Pools in B.C.").

Three additional secondary natural gas targets have been identified, including the Halfway, Debolt and Banff formations.

The Slave Point prospective resource estimate for the Prophet River gas project, as determined through 2-D and 3-D seismic interpretation and analogue-producing wells, ranges between 96 billion cubic feet (Pmean) to 227 billion cubic feet (P10 probabilistic confidence level). For investor reference, the Canadian Oil and Gas Evaluation Handbook defines prospective resources as "those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations. If discovered, they would be technically and economically viable to recover. If discovered, there is no certainty that any discovery will be technically or economically viable to produce."

There is no certainty that this prospective resource will be discovered. This Prophet River Slave Point prospective resource estimate was conducted internally by a qualified evaluator of the operator, however, Flying A. has not verified the estimate.

The company has paid 33-1/3 per cent of the working interest cost to earn a 21-2/3-per-cent working interest in the Prophet River well and 11 sections of section A lands, and will earn this interest to the total depth drilled. Upon the drilling of the first Prophet River well, the company will also earn the right to drill an option well on the 10 sections of the section B lands adjacent to the section A lands by paying 33-1/3 per cent of the working interest costs of drilling the option well to earn a 21-2/3-per-cent working interest in the option well and the 10 sections of the section B lands.

Flying A Confirms Spudding Date

Flying A confirms that the Prophet River Slave Point exploratory test well is scheduled to be spudded as of June 25, 2006. The drilling of this well is expected to take approximately 65 to 70 days to reach total depth and an additional two to three weeks for completion. The drilling of this test well has been contracted to a major Canadian oil and gas company.

The 3-D seismic data have been reviewed by qualified and experienced representatives of all partner companies, and the major Canadian oil and gas company. Their interpretation leads to the following analysis:

The 3-D seismic indicates the first zone is analogous to the nearby Adsett Slave Point field (gas estimated at 200 billion cubic feet) and is stratigraphically equivalent to the 3-D seismic of that field.
The second zone is analogous to nearby Clarke Lake Slave Point field (production to date (from 1957) -- 62.7 billion cubic metres and 2.2 trillion cubic feet potential resources).
There are three additional multiple secondary targets identified, including the Halfway, Debolt and Banff formations. The company will pay 33-1/3 of the working interest costs to earn a 21-2/3-per-cent working interest in the Prophet River well and 11 sections of Section A lands, and will earn this interest to the total depth drilled. Upon the drilling of the first Prophet River well, the company will also earn the right to drill an option well on the 10 sections of the Section B lands adjacent to the Section A lands by paying 33-1/3 per cent of the working interest costs of drilling the option well to earn a 21-2/3-per-cent working interest in the option well and the 10 sections of the Section B lands.

NEW Flying A Petroleum and Bighorn Petroleum Join Forces to Enjoy the Best of Both Worlds – High Impact Drill Plays and Exponential Cash Flow Growth

By Marc Davis, Managing Editor
June, 2006 Flying A Petroleum Ltd. (TSX.V: FAB) and Bighorn Petroleum Ltd. (TSX.V: BHP) are two shrewdly-managed oil & gas exploration companies that share the same high octane formula for expedited growth.
In particular, it involves the participation in high-impact drill projects with high reward to risk ratios. Accordingly, SmallCapMedia believes that both companies’ share prices are primed for a major news-driven breakout in the coming months.

Read Article



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Indocan to Refocus on Texas and North America Only

With our recent success in Texas and the lack of success or even acceptable communication with our Thailand and Cambodia prospects the Board of Directors has decided to stop pursuing these Far East projects previously announced.

We will be attending the all important industry oil show in Calgary, Alberta 13 to 15 June.




Our Investment in Flying A Petroleum Ltd. (FAB.V) Increases

We continue to accumulate FAB.V listed on the Toronto Stock Exchange Venture Board with a nice announcement soon to be released concerning their well.

A Major Oil and Gas Company is the Operator of this Well. Flying A Petroleum Ltd has paid $1,425,000 as its 17.5% working interest cost for drilling the test well. The Company will have the right to earn a 17.5% working interest in approximately 26 drilling sections of leases from the top of the Slave Point formation to the basement and a working interest from the surface to a depth shallower than the top of the Slave Point under varying terms and interest.

The primary drill target of this well is to test the “Slave Point Formation”, with secondary up-hole opportunities. A major oil and gas company has developed the prospect and is the Operator.


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