Independence Energy Corp. Signs Letter of Intent to Acquire Interest in Development Well Drill Program and Several Productive...
May 10 2012 - 6:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to announce that the
Company has signed a Letter-of-Intent ("LOI") to acquire an
interest in a development well drill program and several productive
oil wells in Oklahoma.
The potential acquisition is expected to include the opportunity
to participate in a planned Oil Creek well in Garvin County,
Oklahoma. The drill target location was defined using proprietary
3D seismic data recently accessed by the operator and is believed
to be a moderate risk step-out development well. The primary focus
of the well is the prolific Oil Creek sand formation known to be
productive in the area. Drilling is also expected to encounter
several secondary production objectives, including the 1st and 2nd
Bromide sands, the Viola Limestone, and Deese sands.
In addition, the potential acquisition is expected to include a
working interest in six (6) productive oil wells and one (1) salt
water disposal well in the area.
"This could potentially be another successful acquisition and
good fit for our growing Company," stated Mr. Gregory C. Rotelli,
CEO and President of Independence Energy. "The deal should add
drilling upside and immediate production to our current portfolio.
We hope to complete the transaction over the next few weeks."
The potential acquisition remains subject to, among other
things, Independence Energy and the current interest holders
concluding negotiations, legal title review, and completion of
satisfactory due diligence. There can be no assurance that any
transaction will be completed.
Further updates regarding the potential acquisition 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 results of drilling, the
existence, size and nature of oil deposits, as well as the
resulting economics. 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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