Independence Energy Advances Discussions With Local Oil and Gas Operators in Texas
March 13 2013 - 7:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG)
(OTCQB: IDNG) (the "Company" or "Independence Energy") is pleased
to announce that the Company is advancing discussions with various
operators and drilling companies that are currently being
considered for the development of the Coleman South oil and gas
exploration land package in Coleman County, Texas.
Mr. Gregory C. Rotelli, CEO and President of Independence
Energy, stated, "Choosing the most suitable drilling partner for
our 100% owned Coleman South land package will be a critical step
in moving the large scale project forward smoothly. Currently, we
are conducting due diligence and reviewing geological data with
numerous operators that have capabilities in the area, including
several that have indicated good near-term drilling rig
availability. We expect to finalize a decision regarding operators
at Coleman South over the next several days at which point the
Company will be able to announce projected drilling start
dates."
The new Coleman South Lease project covers an area of
approximately 1,400 acres, four miles southwest of Novice, Texas, a
prolific oil and gas producing area. The region is best known for
containing numerous producing horizons that are stratigraphically
and structurally used as trapping mechanisms for oil and gas
deposits. Based on a previous geological review of the Coleman
South Leases, the Company believes many of these formations remain
under-exploited or untouched in key offset locations. Several
potential high-priority exploration drill targets (vertical and
horizontal) have previously been identified and will be considered
for immediate follow-up. Primary target formations include, but are
not limited to several prolific oil and gas producing structures,
such as the Ellenburger Dolomite (4,400 feet), the Gray Sandstone
(3,800 feet), Gardner Sandstone (3,700 feet), and Jennings
Sandstone (3,600 feet).
Further updates regarding the Company's near term exploration
and development strategy at the Coleman South project and other
Independence Energy business will be provided in the near
future.
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.
Disclaimer
This press release contains "forward-looking statements".
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future,
and specifically references to selecting an operator at Coleman
South over the next several days, planning to explore and develop
the Coleman South land package, and drill new wells on the
property. 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; Independence
Energy Corp. (800) 976-4490 info@independenceenergycorp.com
www.independenceenergycorp.com
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