Independence Energy Corp. Reports Drilling Rig Arrival at Shields-MEI #105H Horizontal Well Site in Coleman County, Texas
May 21 2012 - 6:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to announce that the
Company has received confirmation that the contracted drilling rig
for the Shields-MEI #105H Horizontal Well has arrived at the
proposed well site in Coleman County, Texas. MontCrest Energy Inc.
("MEI"), the project operator, has elected to modify the original
drill program schedule and plans to drill the Shields-MEI #105H as
the first well of the two well MontCrest Drill Program. Drilling of
the Vaughn-MEI #106 vertical well is scheduled to begin immediately
following the completion of the Shields-MEI #105H.
"The project operator was fortunate enough to secure one of the
best directional drilling contractors in the business to complete
the Shields-MEI #105 horizontal well. This specialized crew is in
great demand and their immediate availability played a major factor
in the decision to drill the horizontal well first," stated Mr.
Gregory C. Rotelli, CEO and President of Independence Energy.
"Final rig is setup and testing is expected to be completed in the
next 24 hours with drilling to begin immediately afterwards."
Sharewell Energy Services, LLC, a recognized leader in
directional well engineering, EM technology, and premium
directional drilling services has been contracted by MEI to drill
the Shields-MEI #105H well. Sharewell's patented and proprietary
ElectroTrac EM-MWD (Electro Magnetic- Measurement While Drilling)
system has been successfully deployed in numerous major
conventional and unconventional basins, including the Rocky
Mountains, Barnett Shale, Fayetteville Shale, Haynesville Shale,
Marcellus Shale and New Albany Shale.
The Shields-MEI #105H is expected to target the Gardner
Sandstone formation and is planned to take 13-15 days to complete.
Project geologists expect that the well, if successful, may have a
potential 1500'+/- horizontal leg in the Gardner Sandstone target
pay zone. Analyses of offset well logs and structural mapping
indicates that the potential reservoir could yield up to a 20'+
thick pay zone with 15% to 18% porosity and 25% water
saturation.
The Shields-MEI #105H 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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