Independence Energy Corp. Reports Production Equipment Upgrades Completed at Quinlan Lease Oil Property in Oklahoma
May 17 2012 - 6:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to report that
significant production and water handling upgrades have been
completed at the Quinlan Lease oil property in Oklahoma. The
completed upgrades include the installation of a new coated casing
at the Quinlan #1 well, the connection of a high capacity
submersible pump at Quinlan #3, and other overall site
improvements.
"Now that a larger variable speed submersible pump is online at
Quinlan # 3, project operators plan to optimize oil and water
production levels to maximize the long-term return on investment
potential of the well," stated Mr. Gregory C. Rotelli, CEO and
President of Independence Energy. "At the Quinlan #1 well, the new
coated casing and other essential repairs made to the original well
completion are also expected to significantly improve production
levels and well reliability. Based on the history of the Quinlan
wells and other wells in the area, we anticipate that the improved
Quinlan Lease property will generate consistent income for the
Company for many years."
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, reliability and revenues from the Quinlan Lease
wells, the long term investment potential of the wells, and the
ability of the wells to generate consistent revenues for the
Company. 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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