Independence Energy Corp. Reports Completion of Upgrades at Quinlan Lease Oil Property in Oklahoma -- Quinlan Project Expecte...
May 04 2012 - 6:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to report that all
electrical work has been completed at the Quinlan Lease oil
property in Oklahoma. The scheduled electrical work included the
installation of a new transformer suitable for operating
significant production and water handling upgrades.
"The completion of the new transformer and electrical hookup by
the local utility company were the last remaining upgrades to be
made prior to the installation of a larger submersible pump at the
Quinlan #3 well," stated Mr. Gregory C. Rotelli, CEO and President
of Independence Energy. "With the new submersible pump installed,
Quinlan #3 oil production and associated revenues are expected to
increase significantly due to our improved water handling and
storage capabilities."
Completion of the submersible pump installation is expected to
be completed and online Monday May 7th, 2012, at which time, the
Quinlan Project should be in full production.
The Quinlan Lease area is comprised of 3 productive oils wells
(Quinlan #1, #2, and #3) and 1 water disposal well located on 120
acres in Pottawatomie County, Oklahoma. The Company currently holds
a 10% interest in the three productive Quinlan Lease wells. 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 and revenues from the Quinlan Lease wells, full
production starting as of next week, and the completion of the
submersible pump installation by May 7, 2012. 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
info@independenceenergycorp.com www.independenceenergycorp.com
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