Independence Energy Corp. Signs Letter of Intent to Acquire Additional Interest in Shields-MEI #105H Horizontal Well Project
June 14 2012 - 6:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to announce that the
Company has executed a Letter of Intent to acquire an additional 2%
interest in the highly prospective MontCrest Energy Drilling
Program #3 in Coleman County, Texas (the "MontCrest Drill
Program"). If completed, the proposed acquisition will raise the
Company's ownership of the active exploration project to 7% from
the current 5% level.
The MontCrest Drill Program consists of a turnkey participation
in two exploration wells, the Shields-MEI #105H and Vaughn-MEI
#106, targeting multiple oil-bearing sand formations previously
productive in the region. The Shields-MEI #105H horizontal well is
currently in the final stages of drilling and it has been reported
that the well has displayed several characteristics that indicate
the presence of hydrocarbons in the targeted Gardner Sandstone
formation, including significant visible oil cut/staining and a
strong distinct odor.
"Based on our current positive assessment of the MontCrest Drill
Program, including the indication that drilling may have
encountered oil at the Shields-MEI #105H horizontal well, we
believe that adding to our current ownership interest fits our
aggressive growth strategy," stated Mr. Gregory C. Rotelli, CEO and
President of Independence Energy. "We hope to conclude negotiations
with the current interest holder during the next few days prior to
the completion of the Shields-MEI #105H horizontal well."
The proposed acquisition remains subject to, among other things,
legal title review, completion of satisfactory due diligence, and
transfer of consideration.
Further updates regarding the potential acquisitions 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 Company acquiring an
additional interest in the MontCrest Drill Program as well as the
eventual results of the drill program. 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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