Independence Energy Corp. Acquires Interest in Additional Two Well Drill Program in Texas
June 01 2012 - 6:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to announce that the
Company has acquired a working interest in an additional two wells
drilled in Coleman County, Texas. The two wells, the Taylor-MEI
#113 and the Taylor-MEI #115 (the "Wells"), are located
approximately two miles NE of the Shields-MEI #105H horizontal well
currently being drilled and in which the Company also has an
interest.
The Wells were originally drilled to, and completed in, the
Ellenburger formation (4,400 feet) and are currently in the
recompletion stage to the Gardner Sandstone formation (3,700 feet).
The Company has been informed that data collected on the Wells
indicate multiple oil bearing formations historically productive in
the area. MontCrest Energy Inc. ("MEI"), the project operator,
expects that completion of the target formation will commence at
the Taylor-MEI #113 immediately following rig arrival and setup
late next week. Upon the successful completion of the Taylor-MEI
#113, the rig will be moving directly to the Taylor-MEI #115.
The Taylor-MEI #113 and the Taylor-MEI #115 well sites are
situated in an area shown to produce large quantities of oil and
gas from multiple formations. The property historically produced
oil from four wells originally drilled during the 1950's, but until
it was acquired by MEI, the property did not have any further
development on it. All four of the above mentioned historic wells
were drilled to, and found productive out of, the Gardner Sandstone
formation. Historic production data shows that each of these
historic wells produced in excess of 20,000 barrels of oil from the
Gardner Sandstone using the completion techniques of the time. In
addition, historic well test records for all four wells indicate an
average gas/oil ratio of 1,000f3/1BO (1MCF produced for every
barrel of oil), which was not accounted for in the cumulative
totals due to no gas transmission line being available at that
time. The Taylor-MEI #113 and the Taylor-MEI #115 were both drilled
as offset wells to this historic production and both are
structurally high in the Gardner Sandstone which should yield
greater reservoir pressures, increasing total recovery. The Wells
also contain secondary formations that electric logs and geologic
analysis indicate could be productive and which have been
commercially productive in other wells drilled in the region.
The Company's participation in the Wells is structured as a 2.5%
turnkey working interest. All costs to test, complete, and equip
the wells through initial completion are included under the
original participation agreement.
Further updates regarding the Taylor Lease 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 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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