Independence Energy Corp. Announces Additional Upgrades at Quinlan Lease Oil Property in Oklahoma
July 12 2012 - 6:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to announce that
additional improvements have been completed at the Quinlan Lease
oil property in Oklahoma. The project operator has reported that
they have successfully further upgraded a high capacity fluid pump
utilized at the site. The upgraded pump has the capacity to
transport up to 6,000 bbls of total fluids per day at pressures of
up to 1,500 psi.
"Further increasing the daily maximum fluid capacity of the
pumps at the Quinlan Lease property will allow for potentially
faster clearing of the salt water that accumulated in the
underlying reservoir prior to the recent upgrades," stated Mr.
Gregory C. Rotelli, CEO and President of Independence Energy. "Net
oil production levels are expected to increase as the remaining
salt water is reduced and the overall oil/water cut ratio
improves."
The 120 acre Quinlan Lease property is comprised of three
productive oil wells (Quinlan #1, #2, and #3) and one salt water
disposal well. Since the Company acquired an interest in the
project in late 2011, significant infrastructure and water handling
upgrades were made at the site, including the installation of
coated tubing/casings, a new electrical transformer, and high
capacity pumps. The Company currently holds a 10% interest in the
three productive Quinlan Lease wells.
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 net oil production from the Quinlan Lease wells. 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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