Independence Energy Corp. Reports Start of Drilling at Shields-MEI #105H Horizontal Well Site in Coleman County, Texas
(firmenpresse) - SEAL BEACH, CA -- (Marketwire) -- 05/22/12 -- (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to announce that drilling has commenced at the Shields-MEI #105H Horizontal Well in Coleman County, Texas.
"The project operators and contractors have completed rig setup and have begun drilling the Shields-MEI #105H horizontal well in Texas. If successful, this is projected to potentially be the largest producing well that the Company has participated in to date," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "We have already received an initial written report from the well site that indicates that all systems are functioning as anticipated and that significant drilling progress has already been made. We plan to release further important progress updates direct from the well site as new relevant information is received."
The Shields-MEI #105H is expected to target the Gardner Sandstone formation and is planned to take 13-15 days to complete. Project geologists expect that the well, if successful, may have a potential 1500'+/- horizontal leg in the Gardner Sandstone target pay zone. Analyses of offset well logs and structural mapping indicates that the potential reservoir could yield up to a 20'+ thick pay zone with 15% to 18% porosity and 25% water saturation.
The Shields-MEI #105H well is part of the highly prospective MontCrest Energy Drilling Program #3 in Coleman County, Texas (the "MontCrest Drill Program"). The MontCrest Drill Program consists of a turnkey participation in two exploration wells targeting multiple oil bearing sand formations previously productive in the region (Shields-MEI #105H and Vaughn-MEI #106). The Company holds a 5% Working Interest in the MontCrest Drill Program.
Further updates regarding the MontCrest Drill Program and other Independence Energy business will be made as additional information becomes available.
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 success of drilling the Shields-MEI #105-H horizontal well, how long the drilling will take to complete 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
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Datum: 22.05.2012 - 10:00 Uhr
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News-ID 148664
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