SEAL BEACH, CA--(Marketwire - June 13, 2012) - Independence Energy Corp. (
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 currently in the re-completion stage to the Gardner Sandstone formation (3,700 feet). The Taylor-MEI #113 is projected to take approximately 10 days to complete.
The Taylor Lease property historically produced oil from four wells originally drilled during the 1950's, but until it was acquired by the current operator, the property did not have any further development work conducted on it. All four of the above mentioned historic wells were drilled to, and found productive out of, the Gardner Sandstone formation. Historic production data shows that each of these historic wells produced in excess of 20,000 barrels of oil from the Gardner Sandstone using the drilling and completion techniques of the time. The historic wells were also capable of producing a significant, but unaccounted for, amount of natural gas.
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-MEI #113 well 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 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