SEAL BEACH, CA -- (Marketwire) -- 06/20/12 -- Independence Energy Corp. (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to provide this update regarding recent progress made at the Quinlan Lease oil property in Oklahoma.
The 120 acre Quinlan Lease property is comprised of 3 productive oils wells (Quinlan #1, #2, and #3) and 1 salt water disposal well. Over the last several months, significant infrastructure, production, and water handling upgrades were made at the site. The upgrades, which included the use of new coated tubing/casings, a new electrical transformer, a high-capacity submersible pump, and a variable speed drive, all appear to have been successful at better dealing with the high volume of salt water produced by the wells.
Optimization of the submersible pump at Quinlan #3 has successfully undergone three separate upward total fluid volume adjustments (800, 1000, and 1,200 bbls per day), each increasing net daily oil production. Project operators anticipate further testing the submersible pump and variable speed drive at several higher volume levels prior to making a decision regarding the optimum strategy to maximize the long-term productivity and reliability of the well. Testing is expected to continue for another 7-10 days.
"Dealing with a high volume of corrosive salt water can be a significant challenge for any oil and gas well operator, but if handled correctly can potentially lead to an incredible long-term well with 50 or 60 years of possible production," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "We are very pleased with the Quinlan #3's response to the increasing pump rate and expect similar results as testing continues at higher volume levels. We anticipate that the Quinlan wells should generate consistent income for the Company for many years to come."
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, primarily from 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, reliability and revenues from the Quinlan Lease wells, the long term investment potential of the wells, and the ability of the wells to generate consistent revenues for the Company. 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.