SEAL BEACH, CA -- (Marketwire) -- 07/12/12 -- Independence Energy Corp. (OTCBB: IDNG) (OTCBB: IDNGD) (the "Company" or "Independence Energy") is pleased to announce that additional improvements have been completed at the Quinlan Lease oil property in Oklahoma. The project operator has reported that they have successfully further upgraded a high capacity fluid pump utilized at the site. The upgraded pump has the capacity to transport up to 6,000 bbls of total fluids per day at pressures of up to 1,500 psi.
"Further increasing the daily maximum fluid capacity of the pumps at the Quinlan Lease property will allow for potentially faster clearing of the salt water that accumulated in the underlying reservoir prior to the recent upgrades," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "Net oil production levels are expected to increase as the remaining salt water is reduced and the overall oil/water cut ratio improves."
The 120 acre Quinlan Lease property is comprised of three productive oil wells (Quinlan #1, #2, and #3) and one salt water disposal well. Since the Company acquired an interest in the project in late 2011, significant infrastructure and water handling upgrades were made at the site, including the installation of coated tubing/casings, a new electrical transformer, and high capacity pumps. The Company currently holds a 10% interest in the three productive Quinlan Lease wells.
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 net oil production from the Quinlan Lease wells. 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.
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