Independence Energy Corp. Announces Exercise of Option to Double Interest in Producing Quinlan Wells in Oklahoma
March 27 2012 - 5:04PM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to announce that the
Company has acquired an additional 5% interest in the producing
Quinlan Lease oil wells in Oklahoma. Following the completion of
this transaction, Independence Energy holds a 10% interest in the
lease area.
"Substantial development progress has taken place on the Quinlan
Lease since the Company's original purchase of its first 2.5%
interest in the project in December 2011. Our subsequent increase
to a 5% and now to a 10% interest in the project is in line with
our strategy to generate revenue and build financial stability
through investment in producing oil and gas assets with significant
upside," stated Mr. Gregory C. Rotelli, CEO and President of
Independence Energy. "Overall production levels from the current
Quinlan wells are expected to increase considerably over the next
several months as the project operator continues their recompletion
program and considers several development drilling
opportunities."
The Quinlan Lease area is comprised of 3 productive oils wells
and 1 salt water disposal well located on 120 acres in Pottawatomie
County, Oklahoma. The historic oil field was originally discovered
in 1937 and has produced in excess of 5.8 million barrels of oil
from 19 wells from primarily the 1st. Wilcox Sand and the Hunton
Limestone with secondary production from the Simpson Dolomite and
the Viola Limestone formations. Recent recompletion work conducted
on the wells included the re-entry of Quinlan #1 which is expected
to double its production capability and testing of Quinlan #3 for
installation of a submersible lift pump to manage the high volume
of fluid for injection into the Quinlan #4 salt water disposal
well.
Further updates regarding Independence Energy Corp. will be made
as additional information becomes available.
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.
Some information in this document constitutes forward-looking
statements or statements which may be deemed or construed to be
forward-looking statements, such as the expectations of
considerable increase in production from the Quinlan wells. The
words "plan", "forecast", "anticipate", "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; LiveCall Investor Relations
for Independence Energy Corp. Mr. Gerry Belanger Investor Contact
(800) 976-4490 info@independenceenergycorp.com
www.independenceenergycorp.com
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