Independence Energy Corp. announced that it has been informed that drilling at the Shields-MEI #105H horizontal well in Coleman County, Texas, has intersected an oil-bearing formation.
MontCrest Energy Inc. (MEI), the project operator, has reported that recent mud logs taken from the Shields-MEI #105H well showed several important characteristic changes that indicate that drilling has intersected the targeted oil-bearing Gardner Sandstone formation at approximately 4,000 feet, including an increase in down hole pressure, the presence of natural gas, significant oil cut/staining, and odor.
"Based on the most recent mud logs taken from the Shields-MEI #105H horizontal well, it appears that we have hit our intended oil-bearing zone right on target. We believe that these reservoir characteristics are indicative of a productive Gardner Sandstone well," stated Gregory C. Rotelli, CEO and president of Independence Energy. "Drilling of the horizontal leg of the well is expected to continue through the Gardner Sandstone formation for three or four more days, at which time the operator anticipates testing certain sections of the well prior to making completion and production decisions."
The Shields-MEI #105H well is part of the highly prospective MontCrest Energy Drilling Program #3 in Coleman County, Texas (the MontCrest Drill Program). The MontCrest Drill Program consists of a turnkey participation in two exploration wells targeting multiple oil-bearing sand formations previously productive in the region (Shields-MEI #105H and Vaughn-MEI #106). The company holds a five percent Working Interest in the MontCrest Drill Program.
Further updates regarding the MontCrest Drill Program and other Independence Energy business will be made as additional information becomes available.
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