Independence Energy Completes Acquisition of Coleman South Oil and Gas Land Package in Texas
March 07 2013 - 8:15AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG)
(OTCQB: IDNG) (the "Company" or "Independence Energy") is pleased
to announce that the Company has completed a transaction that has
resulted in the acquisition of a 100% interest in the Coleman South
oil and gas exploration land package in Coleman County, Texas.
Mr. Gregory C. Rotelli, CEO and President of Independence Energy
stated, "We have had our eyes set on the Coleman South Leases land
package for quite a while now, first as a minority exploration and
development partner and now as the 100% sole owner. This was an
opportunity that we couldn't pass up, not only because we believe
the project has enormous upside, but also because we were able to
negotiate a great deal with the previous holders to acquire the
entire land package for no cash and without any dilution of our
stock. We have already started to actively interview potential
operators and going forward, we envision quickly beginning an
exploration and development strategy at Coleman South that could
potentially lead to drilling numerous new wells on the
property."
The new Coleman South Lease project covers an area of
approximately 1,400 acres, four miles southwest of Novice, Texas, a
prolific oil and gas producing area. The region is best known for
containing numerous producing horizons that are stratigraphically
and structurally used as trapping mechanisms for oil and gas
deposits. Based on a previous geological review of the Coleman
South Leases, the Company believes many of these formations remain
under-exploited or untouched in key offset locations. Several
potential high-priority exploration drill targets (vertical and
horizontal) have previously been identified and will be considered
for immediate follow-up. Primary target formations include, but are
not limited to, the Ellenburger Dolomite (4,400 feet), the Gray
Sandstone (3,800 feet), Gardner Sandstone (3,700 feet), and
Jennings Sandstone (3,600 feet).
The Ellenburger Dolomite was formed in Ordovician age, which was
later eroded resulting in several highly structured trapping
mechanisms. Ellenburger wells are known for their high initial rate
of production and potential quick payout. Very few wells have been
drilled deep enough to penetrate the Ellenburger in this area. One
previously proposed location is offsetting two historic Ellenburger
producers that had difficulties upon completion. The Hrubetz
Ellenburger field has produced over 1.4 million barrels of oil and
2,400,000 mcf of gas.
The Gray Sandstone is trending north-south across most of the
Coleman South Lease. One historic well in section 10 produced
105,542 barrels of oil and 311,832 mcf of gas. This well is thought
to have an ideal offset location to the north. Most Gray Sand wells
are known to produce above 50,000 barrels of oil equivalent. The
Templeton Field is located two miles to the east in sections 1, 2,
39, and 40. Most of the production from the Templeton Field has
come from the Gray formation (along with the Gardner and Jennings).
This field has produced 1,567,678 barrels of oil and 4,148,320 mcf
of gas.
The Gardner Sandstone is the middle sand in the Strawn Series.
One of the more famous Gardner fields is the Novice Field, located
just two miles to the north. The Novice Field made 3,313,211
barrels of oil and 3,764,370 mcf of gas. Two and a half miles
northeast is the Rough Creek Ranch Field which has made 131,639
barrels of oil and 1,266,103 mcf of gas from the Gardner and is
still productive.
The Whitley Field is also located on our acreage block. It has
produced 3,481,290 barrels of oil and 1,012,697 mcf of gas from
mostly the Jennings Sandstone. It has several potential offset
locations remaining. The Jones-Hill Field located one mile east, in
section 16, has produced 200,657 barrels of oil and 11,051 mcf of
gas to date from four Jennings wells. The CJC Field located in
sections 5, 118, and 119 has produced 874,678 barrels of oil and
1,581,839 mcf of gas from 19 Jennings wells.
Further updates regarding the Company's near term exploration
and development strategy at the Coleman South project and other
Independence Energy business will be provided in the near
future.
About Independence Energy Corp.
Independence Energy Corp. is an oil and gas exploration and
development company focused on projects in the United States.
Independence Energy is seeking to further advance its existing
projects through development or offset drilling and to expand its
portfolio to include additional property interests in the United
States.
Disclaimer
This press release contains "forward-looking statements".
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future,
and specifically references to planning to explore and develop the
Coleman South land package and drill new wells on the property. The
words "plan", "forecast", "anticipates", "estimate", "project",
"intend", "expect", "should", "believe", and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements involve, and are subject to known and
unknown risks, uncertainties and other factors which could cause
the Company's actual results, performance (financial or operating)
or achievements to differ from the future results, performance
(financial or operating) or achievements expressed or implied by
such forward-looking statements. The risks, uncertainties and other
factors are more fully discussed in the Company's filings with the
U.S. Securities and Exchange Commission. All forward-looking
statements attributable to Independence Energy Corp. herein are
expressly qualified in their entirety by the above-mentioned
cautionary statement. Independence Energy Corp. disclaims any
obligation to update forward-looking statements contained in this
estimate, except as may be required by law.
For additional information, contact: Independence
Energy Corp. (800) 976-4490 info@independenceenergycorp.com
www.independenceenergycorp.com
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