SEAL BEACH, CA -- (Marketwire) -- 03/13/13 -- Independence Energy Corp. (OTCBB: IDNG) (OTCQB: IDNG) (the "Company" or "Independence Energy") is pleased to announce that the Company is advancing discussions with various operators and drilling companies that are currently being considered for the development of the Coleman South oil and gas exploration land package in Coleman County, Texas.
Mr. Gregory C. Rotelli, CEO and President of Independence Energy, stated, "Choosing the most suitable drilling partner for our 100% owned Coleman South land package will be a critical step in moving the large scale project forward smoothly. Currently, we are conducting due diligence and reviewing geological data with numerous operators that have capabilities in the area, including several that have indicated good near-term drilling rig availability. We expect to finalize a decision regarding operators at Coleman South over the next several days at which point the Company will be able to announce projected drilling start dates."
The new Coleman South Lease 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.
Disclaimer
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.
For additional information, contact;
Independence Energy Corp.
(800) 976-4490
info@independenceenergycorp.com
www.independenceenergycorp.com
