Independence Energy Corp. Updates Progress at Quinlan Lease Oil Property in Oklahoma
June 20 2012 - 6:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to provide this
update regarding recent progress made at the Quinlan Lease oil
property in Oklahoma.
The 120 acre Quinlan Lease property is comprised of 3 productive
oils wells (Quinlan #1, #2, and #3) and 1 salt water disposal well.
Over the last several months, significant infrastructure,
production, and water handling upgrades were made at the site. The
upgrades, which included the use of new coated tubing/casings, a
new electrical transformer, a high-capacity submersible pump, and a
variable speed drive, all appear to have been successful at better
dealing with the high volume of salt water produced by the
wells.
Optimization of the submersible pump at Quinlan #3 has
successfully undergone three separate upward total fluid volume
adjustments (800, 1000, and 1,200 bbls per day), each increasing
net daily oil production. Project operators anticipate further
testing the submersible pump and variable speed drive at several
higher volume levels prior to making a decision regarding the
optimum strategy to maximize the long-term productivity and
reliability of the well. Testing is expected to continue for
another 7-10 days.
"Dealing with a high volume of corrosive salt water can be a
significant challenge for any oil and gas well operator, but if
handled correctly can potentially lead to an incredible long-term
well with 50 or 60 years of possible production," stated Mr.
Gregory C. Rotelli, CEO and President of Independence Energy. "We
are very pleased with the Quinlan #3's response to the increasing
pump rate and expect similar results as testing continues at higher
volume levels. We anticipate that the Quinlan wells should generate
consistent income for the Company for many years to come."
The Company currently holds a 10% interest in the three
productive Quinlan Lease wells. The historic oil field was
originally discovered in 1937 and has produced in excess of 5.8
million barrels of oil from 19 wells, primarily from the 1st Wilcox
Sand and the Hunton Limestone with secondary production from the
Simpson Dolomite and the Viola Limestone formations.
Further updates regarding the Quinlan Lease property and other
Independence Energy Corp. 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 expectations of increases
in production, reliability and revenues from the Quinlan Lease
wells, the long term investment potential of the wells, and the
ability of the wells to generate consistent revenues for the
Company. 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
info@independenceenergycorp.com www.independenceenergycorp.com
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