Independence Energy Corp. Reports Significant Drilling Progress at Shields-MEI #105H Horizontal Well
May 29 2012 - 6:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to provide this
update regarding the ongoing drill program at the Shields-MEI #105H
Horizontal Well in Coleman County, Texas.
MontCrest Energy Inc. ("MEI"), the project operator, recently
reported that the drilling contractor has successfully completed
the initial 3,000 foot vertical section of the well and has
commenced building the curved portion of the well prior to reaching
the anticipated target depth for the horizontal leg. The Company
expects confirmation that drilling has reached the targeted Gardner
Sandstone formation and potential pay zone later this week.
"After successfully completing a clean 8 degree curved section
for the well, drilling crews will start the horizontal leg through
the potential reservoir pay zone," stated Mr. Gregory C. Rotelli,
CEO and President of Independence Energy. "The straight horizontal
leg through the Gardner Sandstone formation is expected to be
completed relatively quickly and we plan to provide additional
updates from the well site very soon, including any possible
reservoir characteristic information and indicated hydrocarbon
intersections as reported by the project operator."
The Shields-MEI #105H is expected to intersect the Gardner
Sandstone formation at approximately 4,000 feet. Project geologists
expect that the well, if successful, may have a potential 1500'+/-
horizontal leg through the potential reservoir 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 success of drilling the
Shields-MEI #105-H horizontal well, how long the drilling will take
to complete 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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