Independence Energy Corp. Announces Completion of Drill Site Preparations at Vaughn-MEI #106 Well in Coleman County, Texas
May 01 2012 - 8:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to announce that
final drill site preparations have been completed at the Vaughn-MEI
#106 Prospect Well location in Coleman County, Texas. MontCrest
Energy Inc. ("MEI"), the project operator, has also indicated that
the contracted drill rig is currently finalizing work at another
location prior to mobilizing to the Vaughn-MEI #106 site in the
next few days. Drilling is expected to commence at Vaughn-MEI #106
immediately following rig arrival.
The Vaughn-MEI #106 Prospect Well is projected to take
approximately 10-12 days of drilling to reach an estimated total
depth of 4,650' and should test a historically productive dolomite
formation, as well as five other known formations at shallower
depths. The Vaughn-MEI #106 well is believed to be an offset
continuation of a previously successful well drilled in the
area.
"It's good news that everything is prepared for the start of
drilling at the first of two MontCrest wells in Texas," stated Mr.
Gregory C. Rotelli, CEO and President of Independence Energy. "Once
the contracted drill rig is released from its current location, we
should be ready to drill both the Vaughn-MEI #106 vertical well and
the Shields-MEI #105H horizontal well, back to back without further
delay."
The Vaughn-MEI #106 Prospect Well is part of the highly
prospective MontCrest Energy Drilling Program #3 in Coleman County,
Texas (the "MontCrest Drill Program"). The MontCrest Drill Program
consists of a turnkey participation in two exploration wells
targeting multiple oil bearing sand formations previously
productive in the region (Shields-MEI #105H and Vaughn-MEI #106).
The Company holds a 5% Working Interest in the MontCrest Drill
Program.
Further updates regarding the MontCrest Drill Program and other
Independence Energy 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 drilling of the Vaughn-MEI
#106 vertical and Shields-MEI #105-H horizontal wells as well as
the potential results from such drilling. 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; 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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