Independence Energy Corp. (OTCBB: IDNG) is pleased to provide this update to shareholders with additional geological information regarding the Coleman South Lease exploration joint development project located in Coleman County, Texas. The Company recently acquired a 12.5% working interest in the Coleman South Lease project and holds an option to increase its working interest to 25.0%.
"The acquisition of an interest in this relatively large land package is due to our belief that the area is potentially underdeveloped, especially in light of our newly gained knowledge from the Shields-MEI #105H horizontal well drilling just 3/4 mile away," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "We envision developing and participating in a long-term strategy that would lead to drilling numerous new wells on the property using modern drilling and completion techniques, including horizontal drilling and fracing. We anticipate that the property could support up to 50 vertical or 15 horizontal wells."
The Coleman South Lease project covers an area of 2,400 acres, four miles southwest of Novice, Texas, situated approximately 3/4 mile from the location of the Shields-MEI #105H horizontal well currently being drilled and in which the Company also holds an interest. The region is best known for containing numerous producing horizons that are stratigraphically and structurally used as trapping mechanisms for oil and gas deposits. The Company believes that many of these formations remain under-exploited or untouched in key offset locations.
Several potential high-priority exploration drill targets (vertical and horizontal) have been identified and will be considered by the Company and its partners. Primary target formations include, but are not limited to, the Ellenburger Dolomite (4,400 feet), the Gray Sandstone (3,800 feet), Gardner Sandstone (3,700 feet), and Jennings Sandstone (3,600).
The Whitley Field is also located on our acreage block. It has produced 3,481,290 barrels of oil and 1,012,697 mcf of gas from mostly the Jennings Sandstone. It has several potential offset locations remaining. The Jones-Hill Field located one mile east, in section 16, has produced 200,657 barrels of oil and 11,051 mcf of gas to date from four Jennings wells. The CJC Field located in sections 5, 118, and 119 has produced 874,678 barrels of oil and 1,581,839 mcf of gas from 19 Jennings wells.
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