Independence Energy Corp. Reports on Progress at Quinlan Lease Property in Oklahoma
April 26 2012 - 8:48AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to provide this
update regarding recent progress made at the Quinlan Lease property
in Oklahoma. The Company currently holds a 10% interest in the
three productive Quinlan Lease oil wells.
"We continue to receive positive progress reports from the
project operators regarding work currently being conducted at the
Quinlan Lease property in Oklahoma. At this rate, we could see
production and revenue from Quinlan increase sooner than we had
anticipated," stated Mr. Gregory C. Rotelli, CEO and President of
Independence Energy. "The latest report from the field indicated
that the Quinlan #1 and #2 wells appear to be responding very
positively to the recompletion and equipment upgrades conducted
last month. Near-term production increases are expected as the
improved well clears accumulated water from the reservoir. At
Quinlan #3, production, storage, and water handling upgrades are in
place and ready-to-go. The installation of a new transformer and
electrical hookup by the local utility company is all that's left
to accomplish prior to re-activating the well. We expect this work
will be completed within the next few weeks."
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.
Further updates regarding the Quinlan Lease property and other
Independence Energy Corp. business 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 increases
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
info@independenceenergycorp.com www.independenceenergycorp.com
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