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Independence Energy Corp. (IDNG) Reports Completion Of Upgrades At Quinlan Oil Lease Property

|Includes: Independence Energy Corp. (IDNG)

Independence Energy is an oil and gas exploration and development company focused on projects in the United States. The company currently has projects ongoing in Texas and Oklahoma - the Montcrest and the Quinlan, respectively.

The company reported today that all electrical work had been completed at the Quinlan Lease oil property in Oklahoma. The finished electrical work by the local utility company included the installation of a new transformer suitable for operating significant production and water handling upgrades.

The Quinlan Lease area is made up of three productive oil wells (#1, #2, #3) and one water disposal well located on 120 acres in Pottawatomie County, Oklahoma. The historic oil field was discovered in 1937 and to date has produced in excess of 4.8 million barrels of oil. Independence Energy currently holds a 10 percent interest in these three wells.

The electrical work was necessary for Independence Energy to proceed with the next step in its operations at the Quinlan #3 well - the installation of a larger submersible pump. When the new submersible pump is installed, the company expects oil production at Quinlan #3 and the associated revenues to increase significantly due to its improved water handling and storage capabilities. Completion of the pump installation is expected to occur on May 7.

For further information about Independence Energy and its ongoing projects, please visit the company's website at independenceenergycorp.com

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