I'm I talking to myself here?? :) More News:
Here it is, off the IDCN Update on the website ...
Alberta Gas Field JV
Joint Venture Agreement for Alberta Gas Well Program
EDMONTON, ALBERTA - April 19, 1999--Indocan Resources Inc. (OTC BB: IDCN) announced today that it has signed a letter of agreement with an Alberta oil and gas operating company pursuant to a Joint Venture Agreement it has at Heart Lake, Alberta whereby the oil & Gas company partner shall provide 100% of the funding for the natural gas wells and be the operator of the property at Heart Lake, Alberta.
On March 31, 1999 Indocan Resources announced it has acquired a 50% interest in 9247 acres of natural gas leases on First Nations property near Heart Lake.
The JV partner, currently private, will be named shortly in a joint press release as it is in the final stages of a public stock listing which should be completed within the week. They will earn a full one-third share interest in the Heart Lake Project by providing all the funds and all the management of the drilling and operation of the gas field. Natural gas wells of this type should average $135,000 total cost per well completion.
The JV partner is well respected in Alberta and other areas for their expertise in the oil and gas industry. They are a leading development company known for the opening of fields and the early development of leases. The management team is well liked and respected in the First Nations community and their senior management has a combined oil field experience of more than a century.
Indocan President Jeffrey Bruhjell said, "The plan is to drill about twenty three wells, at least seven gas wells should be in by year's end and we will be selling the gas as we go. The first well should start in late May, taking less than a month to complete. The target is the Colony Sands zone about 450 meters (1500 feet) below surface." Complete Story
Isaac's Harbour
April 18, 1999 - Sunday we were at 258 meters and there were three more boxes of core with visible gold. The ramp is de-watering and no more flow goes into the ramp.
By Friday we had reached 200 meters and 230 meters of depth on hole #6 by Saturday evening. Six new sights of gold reported in box number 55. The results are as good and even better than we expected. Excellent geometry and formation data are being formed by the continuos drilling program at Isaac's Harbour.
The excavator has cleared the ramp area and the north side of the ramp approach has been terraced so as to alleviate the drainage problem caused by the surface water run-off. The mud has been scooped out of the entrance area and the de-watering continues. It looks as though there is a lot of tree root in the ramp tunnel. We will have to get the permit to enter the ramp before we can go in and start clearing the tunnel. The Nova Scotia government will have to come around and tell us what they expect us to do with the ramp and the like to comply with mine safety regulations.
Alberta Gas
Our lawyer has just about completed the package for the next target property of First Nation's land for submission this week. These new proposals will be for a 100% stake in the properties. Heart Lake was already complete to the test hole stage and permit when we stepped in to take it over. The prospective properties are larger and have the potential for large reserves sufficient to establish electric co-generation, much needed in rapidly growing Alberta.
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