SOURCE: Independence Energy Corp.
SEAL BEACH, CA--(Marketwire - Mar 20, 2013) - Independence Energy Corp. (OTCBB: IDNG) (OTCQB: IDNG) (the "Company" or "Independence Energy") is pleased to announce that the Company has engaged RTD Energy, LLC ("RTD"), a Dallas, Texas based oil and gas business development company. The agreement calls for RTD to represent the Company on a non-exclusive basis to potential joint venture partners and farm-in drilling companies identified by RTD for the development of the 1,400 acre Coleman South oil and gas exploration land package in Coleman County, Texas.
Mr. Gregory C. Rotelli, CEO and President of Independence Energy, stated, "I look forward to continuing to work with Steve Fulton at RTD to fully develop our large and 100% owned Coleman South land package. His considerable experience, success, and industry contacts as an oil and gas land development deal maker have already put us in contact with several potential partners that have expressed an interest in participating in our plan to develop several previously identified high priority drill targets. Based on the previous positive geological assessment of the property and the amount of drilling currently being conducted locally in Coleman County, RTD anticipates that additional potential joint venture partners will also be identified in the near-term."
The Coleman South oil and gas exploration 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.
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.