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.