IDCN - gold, garnet, etc. Message Board

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Microcap & Penny Stocks : IDCN - gold, garnet, etc.

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Nov 7 9:30 AM EST

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To: C who wrote (5601)	3/31/1999 11:21:00 AM
From: C	Read Replies (1) of 5908

Website Update...... March 31, 1999 - We announced today that we have purchased a 50% interest in over 9,000 acres of Natural Gas production land at Heart Lake, Alberta. Seismic and other preparatory work has been completed and the Company plans to begin drilling the first five shallow gas wells in late May. Natural Gas wells in this area typically are drilled to a depth of 450 meters (1500 feet) and produce approximately one million cubic feet per day. Twenty wells are planned the first year. Annual Revenues expected are from $73.9 million to $98.5 million based on a study using 23 wells producing from 9 to 12 million cubic feet per day. These gas wells are expected to last for at least 20 years. The Heart Lake acquisition includes a commitment by Indocan to spin-off a separate public company to be the operator of these gas fields. Indocan will issue 1.5 million shares as a bonus to the purchase price and commits to provide the funds for the drilling program. Indocan will own at least 50% of the spin-off PubCo and has plans for a shell acquisition well under way. Private Placements in both Indocan and the new PubCo may be used for the funding of these Gas Well Drilling Programs. This acquisition is in conjunction with Indian Oil and Gas Canada. They are a Canadian Federal Agency of the Department of Indian Affairs and Northern Development within the Lands and Trust Services branch located in the Tsuu T'ina Nation administration building, just outside Calgary. Indian Oil and Gas will receive a 25% royalty on production. They operate under the provisions of: Indian Act Indian Oil and Gas Act Indian Oil and Gas Regulations, 1995 Canadian Environmental Assessment Act Canadian Environmental Protection Act Mandated to: Further First Nation initiatives to mange and control their oil and gas resources Fulfill the Crown's fiduciary and statutory obligations related to the management of oil and gas resources on First Nation lands Isaac's Harbour CIH-99-5 March 30, 1999 - We closed the hole today at 458 meters (1502 feet) and will move the rig to hole #6 tomorrow. Some more good veins showed quartz with sulfides, the best being 10-cm wide.

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