Independence Acquires Interest in Coleman County Wells

Independence Energy Corp. announced Friday that the company has acquired a working interest in an additional two wells drilled in Coleman County, Texas. The two wells, the Taylor-MEI #113 and the Taylor-MEI #115, are located approximately two miles NE of the Shields-MEI #105H horizontal well currently being drilled and in which the company also has an interest.

The Wells were originally drilled to, and completed in, the Ellenburger formation (4,400 feet) and are currently in the recompletion stage to the Gardner Sandstone formation (3,700 feet). The company has been informed that data collected on the Wells indicate multiple oil bearing formations historically productive in the area. MontCrest Energy Inc. (MEI), the project operator, expects that completion of the target formation will commence at the Taylor-MEI #113 immediately following rig arrival and setup late next week. Upon the successful completion of the Taylor-MEI #113, the rig will be moving directly to the Taylor-MEI #115.

The Taylor-MEI #113 and the Taylor-MEI #115 well sites are situated in an area shown to produce large quantities of oil and gas from multiple formations. The property historically produced oil from four wells originally drilled during the 1950s, but until it was acquired by MEI, the property did not have any further development on it. All four of the above mentioned historic wells were drilled to, and found productive out of, the Gardner Sandstone formation. Historic production data shows that each of these historic wells produced in excess of 20,000 barrels of oil from the Gardner Sandstone using the completion techniques of the time.

In addition, historic well test records for all four wells indicate an average gas/oil ratio of 1,000f3/1BO (1MCF produced for every barrel of oil), which was not accounted for in the cumulative totals due to no gas transmission line being available at that time. The Taylor-MEI #113 and the Taylor-MEI #115 were both drilled as offset wells to this historic production and both are structurally high in the Gardner Sandstone which should yield greater reservoir pressures, increasing total recovery. The wells also contain secondary formations that electric logs and geologic analysis indicate could be productive and which have been commercially productive in other wells drilled in the region.

The company's participation in the wells is structured as a 2.5 percent turnkey working interest. All costs to test, complete, and equip the wells through initial completion are included under the original participation agreement.


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