Independence Energy Corp. Provides Geological Details of Coleman South Lease Exploration Joint Development Project
June 15 2012 - 4:05PM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to provide this
update to shareholders with additional geological information
regarding the Coleman South Lease exploration joint development
project located in Coleman County, Texas. The Company recently
acquired a 12.5% working interest in the Coleman South Lease
project and holds an option to increase its working interest to
25.0%.
"The acquisition of an interest in this relatively large land
package is due to our belief that the area is potentially
underdeveloped, especially in light of our newly gained knowledge
from the Shields-MEI #105H horizontal well drilling just 3/4 mile
away," stated Mr. Gregory C. Rotelli, CEO and President of
Independence Energy. "We envision developing and participating in a
long-term strategy that would lead to drilling numerous new wells
on the property using modern drilling and completion techniques,
including horizontal drilling and fracking. We anticipate that the
property could support up to 50 vertical or 15 horizontal
wells."
The Coleman South Lease project covers an area of 2,400 acres,
four miles southwest of Novice, Texas, 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. The region is best known for containing numerous
producing horizons that are stratigraphically and structurally used
as trapping mechanisms for oil and gas deposits. The Company
believes that many of these formations remain under-exploited or
untouched in key offset locations. Several potential high-priority
exploration drill targets (vertical and horizontal) have been
identified and will be considered by the Company and its partners.
Primary target formations include, but are not limited to, the
Ellenburger Dolomite (4,400 feet), the Gray Sandstone (3,800 feet),
Gardner Sandstone (3,700 feet), and Jennings Sandstone (3,600).
The Ellenburger Dolomite was formed in Ordovician age, which was
later eroded resulting in several highly structured trapping
mechanisms. Ellenburger wells are known for their high initial rate
of production and potential quick payout. Very few wells have been
drilled deep enough to penetrate the Ellenburger in this area. One
proposed location is offsetting two historic Ellenburger producers
that had difficulties upon completion. The Hrubetz Ellenburger
field has produced over 1.4 million barrels of oil and 2,400,000
mcf of gas.
The Gray Sandstone is trending north-south across most of the
Coleman South Lease. One historic well in section 10 produced
105,542 barrels of oil and 311,832 mcf of gas. This well should be
offset to the north. Most Gray Sand wells are known to produce
above 50,000 barrels of oil equivalent. The Templeton Field is
located two miles to the east in sections 1, 2, 39, and 40. Most of
the production from the Templeton Field has come from the Gray
formation (along with the Gardner and Jennings). This field has
produced 1,567,678 barrels of oil and 4,148,320 mcf of gas.
The Gardner Sandstone is the middle sand in the Strawn Series.
One of the more famous Gardner fields is the Novice Field, located
just two miles to the north. The Novice Field made 3,313,211
barrels of oil and 3,764,370 mcf of gas. Two and a half miles
northeast is the Rough Creek Ranch Field which has made 131,639
barrels of oil and 1,266,103 mcf of gas from the Gardner and is
still productive.
The Whitley Field is also located on our acreage block. It has
produced 3,481,290 barrels of oil and 1,012,697 mcf of gas from
mostly the Jennings Sandstone. It has several potential offset
locations remaining. The Jones-Hill Field located one mile east, in
section 16, has produced 200,657 barrels of oil and 11,051 mcf of
gas to date from four Jennings wells. The CJC Field located in
sections 5, 118, and 119 has produced 874,678 barrels of oil and
1,581,839 mcf of gas from 19 Jennings wells.
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
planned 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. All references to historical
production from formations in and around the Coleman South Lease
are for illustrative purposes only and there can be no assurance
that the Coleman South Lease will produce any commercially viable
oil resources for the Company.
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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