Independence Energy Corp. Reports Completion of Upgrades at Quinlan Lease Oil Property in Oklahoma -- Quinlan Project Expected to Be in Full Production Next Week
FOR: INDEPENDENCE ENERGY CORP.
MAY 4, 2012 - 06:00 ET
SEAL BEACH, CA--(Marketwire - May 4, 2012) - Independence Energy Corp. (
"The completion of the new transformer and electrical hookup by the local utility company were the last remaining upgrades to be made prior to the installation of a larger submersible pump at the Quinlan #3 well," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "With the new submersible pump installed, Quinlan #3 oil production and associated revenues are expected to increase significantly due to our improved water handling and storage capabilities."
Completion of the submersible pump installation is expected to be completed and online Monday May 7th, 2012, at which time, the Quinlan Project should be in full production.
The Quinlan Lease area is comprised of 3 productive oils wells (Quinlan #1, #2, and #3) and 1 water disposal well located on 120 acres in Pottawatomie County, Oklahoma. 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 from primarily 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 and revenues from the Quinlan Lease wells, full production starting as of next week, and the completion of the submersible pump installation by May 7, 2012. 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.