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  • Independence Energy Corp. (IDNGD) Selects First Potential Drill Target In Coleman, Texas 0 comments
    Jun 26, 2012 5:33 PM

    Independence Energy's business strategy is to advance its line-up of existing oil and gas exploration endeavors through development or offset drilling and to bolster its portfolio through the acquisition of select property interests. The company and its partners today announced they have chosen the first potential drill target at the Coleman South Lease exploration joint development project in Coleman County, Texas.

    Independence currently holds a 12.5 percent working interest in the Coleman South Lease project and holds an option to increase its working interest to 25.0 percent. The company will be expected to finance its portion of the well cost in an amount that has not yet been determined.

    The Coleman South Lease property is located less than one mile from the Shields-MEI #105H horizontal well, which is currently being drilled and in which the company also holds an interest.

    Independence Energy anticipates that the lease project will create a flow of potential drill targets in the near future.

    "The development of the 2,400-acre Coleman South Lease project is expected to generate a significant number of new high-potential drill targets for the company over the coming months," Gregory C. Rotelli, CEO and president of Independence Energy stated in the press release. "The site of this first potential well was chosen because of its ideal location offset from a prolific historical well in the area and because the well has the potential to target multiple known productive geological formations. We anticipate that it could take up to 50 vertical or 15 horizontal wells to fully exploit the property. We expect to have the drilling start date scheduled very soon for this first of hopefully many new wells."

    The company expects that the first drill location at the Coleman South Lease will be an offset of the D. M. Hankins #1 well, which was originally drilled and completed in the Gray Sandstone formation. The Hankins well produced 105,542 barrels of oil and 311,832 MCF of gas.

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