Court Removes Board of Directors of Indocan

On 10/17/2011, a shareholder of Indocan (PINKSHEETS: IDCN) filed a complaint against Indocan Resources, Inc., Jeffrey R. Bruhjell and Angela K. Harrison IN THE FIRST JUDICIAL DISTRICT COURT OF THE STATE OF WYOMING IN AND FOR THE COUNTY OF LARAMIE seeking removal of the current directors and voiding certain actions taken by Indocan and its directors.

(Case No. 178-874).

On 3/5/2012, the Court found, in addition to other violations, that Indocan failed to notify shareholders of the 6/27/2011 annual shareholders' meeting in violation of Wyoming Statute 17-16-705(a) and Indocan failed to give shareholders not notified of the 6/27/2011 annual shareholders' meeting the right to vote at the meeting in violation of Wyoming Statute 17-16-701(a).

On 3/5/2012, the Court entered a judgment against Indocan and ordered the following:


        1.    The 6/27/2011 illegal annual shareholders' meeting for Indocan
              is declared null and void.

        2.    All actions taken at the 6/27/2011 illegal annual
              shareholders' meeting for Indocan are declared null and void.

        3.    The 2.5 billion shares of Indocan common stock given to
              Bruhjell and Harrison at the 6/27/2011 illegal annual
              shareholders' meeting for Indocan are declared null and void.

        4.    The current board of directors of Indocan is removed pursuant
              to Wyoming Statute 17-16-809.

        5.    Kenneth R. Ash is appointed custodian of Indocan with all the
              powers and duties of a duly constituted board of directors
              pursuant to Wyoming Statute 17-16-748(a)(ii) to manage the
              affairs of Indocan until such time as a new board of directors
              can be elected.

        6.    It is ordered that a shareholders' meeting be held to elect
              directors of Indocan and that shareholders of Indocan entitled
              to vote be notified of and given the right to participate in
              the meeting and the election of directors pursuant to Wyoming
              Statute 17-16-703(a)(i).

Kenneth R. Ash Court Appointed Custodian of Indocan Resources, Inc. 910-300-8189 Office 252-342-8700 Cell

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