Independence Energy Pens LOI for Oklahoma Stake
Independence Energy Corp. has signed a Letter-of-Intent ("LOI") to acquire an interest in a development well drill program and several productive oil wells in Oklahoma.
The potential acquisition is expected to include the opportunity to participate in a planned Oil Creek well in Garvin County, Oklahoma. The drill target location was defined using proprietary 3D seismic data recently accessed by the operator and is believed to be a moderate risk step-out development well. The primary focus of the well is the prolific Oil Creek sand formation known to be productive in the area. Drilling is also expected to encounter several secondary production objectives, including the 1st and 2nd Bromide sands, the Viola Limestone, and Deese sands.
In addition, the potential acquisition is expected to include a working interest in six productive oil wells and one salt water disposal well in the area.
"This could potentially be another successful acquisition and good fit for our growing Company," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "The deal should add drilling upside and immediate production to our current portfolio. We hope to complete the transaction over the next few weeks."
The potential acquisition remains subject to, among other things, Independence Energy and the current interest holders concluding negotiations, legal title review, and completion of satisfactory due diligence. There can be no assurance that any transaction will be completed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea