Independence Energy Corp. Reports Drilling Rig Arrival at Taylor-MEI #113 Well in Coleman County, Texas
June 29 2012 - 6:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG)
(OTCBB: IDNGD) (the "Company" or "Independence Energy") is pleased
to announce that the Company has received confirmation that the
contracted drilling rig for the Taylor-MEI #113 well has arrived at
the well site in Coleman County, Texas.
"Now that the contracted rig has finally arrived onsite,
drilling of Taylor-MEI #113 well is scheduled to begin early next
week," stated Mr. Gregory C. Rotelli, CEO and President of
Independence Energy. "The Taylor-MEI #113 is a re-completion to the
Gardner Sandstone formation shown to be productive in the area and
is projected to take approximately 10 days to complete.
Re-completion of the second well of the program, the Taylor-MEI
#115, is scheduled to begin immediately following the Taylor-MEI
#113."
The Taylor-MEI #113 is part of a two well re-completion program
targeting potential oil bearing formations shown to be productive
in the area. The two wells, the Taylor-MEI #113 and the Taylor-MEI
#115, were originally drilled to, and completed in, the Ellenburger
formation (4,400 feet) and are scheduled for re-completion to the
Gardner Sandstone formation (3,700 feet).
The Company's participation in the Taylor-MEI #113 and the
Taylor-MEI #115 wells are structured as a 2.5% 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 wells 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 timing of the drilling of
the Taylor-MEI #113 and Taylor-MEI #115 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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