Independence Energy Corp. has acquired an additional 5 percent interest in the producing Quinlan Lease oil wells in Oklahoma. Following the completion of this transaction, Independence Energy holds a 10 percent interest in the lease area.
"Substantial development progress has taken place on the Quinlan Lease since the Company's original purchase of its first 2.5% interest in the project in December 2011. Our subsequent increase to a 5% and now to a 10% interest in the project is in line with our strategy to generate revenue and build financial stability through investment in producing oil and gas assets with significant upside," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "Overall production levels from the current Quinlan wells are expected to increase considerably over the next several months as the project operator continues their recompletion program and considers several development drilling opportunities."
The Quinlan Lease area is comprised of 3 productive oils wells and 1 salt water disposal well located on 120 acres in Pottawatomie County, Oklahoma. The historic oil field was originally discovered in 1937 and has produced in excess of 5.8 million barrels of oil from 19 wells from primarily the 1st. Wilcox Sand and the Hunton Limestone with secondary production from the Simpson Dolomite and the Viola Limestone formations. Recent recompletion work conducted on the wells included the re-entry of Quinlan #1 which is expected to double its production capability and testing of Quinlan #3 for installation of a submersible lift pump to manage the high volume of fluid for injection into the Quinlan #4 salt water disposal well.
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