SOURCE: Independence Energy Corp.
SEAL BEACH, CA--(Marketwire - Jun 29, 2012) - Independence Energy Corp. (OTCBB: IDNG) (OTCBB: IDNGD) (the "Company" or "Independence Energy") is pleased to announce that the Company has received confirmation that the contracted drilling rig for the Taylor-MEI #113 well has arrived at the well site in Coleman County, Texas.
"Now that the contracted rig has finally arrived onsite, drilling of Taylor-MEI #113 well is scheduled to begin early next week," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "The Taylor-MEI #113 is a re-completion to the Gardner Sandstone formation shown to be productive in the area and is projected to take approximately 10 days to complete. Re-completion of the second well of the program, the Taylor-MEI #115, is scheduled to begin immediately following the Taylor-MEI #113."
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 scheduled for re-completion to the Gardner Sandstone formation (3,700 feet).
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 Lease wells 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 timing of 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.