Independence Energy Corp. Signs Joint Development Agreement for 2,400 Acre Exploration Project in Coleman County, Texas
June 12 2012 - 6:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to announce that the
Company has executed a definitive agreement for the acquisition of
up to a 25.0% working interest in the highly prospective Coleman
South Lease exploration joint development project located in
Coleman County, Texas (the "Agreement"). The Coleman South Lease
project covers an area of 2,400 acres situated approximately 3/4
mile from the location of the Shields-MEI #105H horizontal well
currently being drilled and in which the Company also holds an
interest.
"Based on the initial positive indications of oil from the
Shields-MEI #105H horizontal well currently being drilled, we
believe this relatively large and timely land acquisition in the
immediate area is a very positive step towards building a long-term
pipeline of new exploration and development prospects for the
Company," stated Mr. Gregory C. Rotelli, CEO and President of
Independence Energy. "Historically, these leases have been reported
to have produced significant quantities of oil and gas from the
Gardner Sand and Jennings Sand formations using the technology
available at the time, but, like the Shields-MEI #105H lease,
remain under-exploited or untouched in several formations using
modern drilling and completion techniques. We estimate that it
could possibly require 15 or more horizontal wells to develop the
field to its full potential."
Under terms of the Agreement, the Company has immediately
acquired a 12.5% working interest in the Coleman South Lease
exploration project and holds an option to increase its working
interest to 25.0% within the next 60 days.
Further updates regarding the Coleman South Lease Joint
Development project 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 exploration and
operations on the Coleman South Lease as well as the increase in
interest to 25%. 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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