Independence Energy Corp. has received confirmation that the contracted drilling rig for the Taylor-MEI #113 well has arrived at the well site in Coleman County, Texas.
"Now that the contracted rig has finally arrived onsite, drilling of Taylor-MEI #113 well is scheduled to begin early next week," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "The Taylor-MEI #113 is a re-completion to the Gardner Sandstone formation shown to be productive in the area and is projected to take approximately 10 days to complete. Re-completion of the second well of the program, the Taylor-MEI #115, is scheduled to begin immediately following the Taylor-MEI #113."
The Taylor-MEI #113 is part of a two well re-completion program targeting potential oil bearing formations shown to be productive in the area. The two wells, the Taylor-MEI #113 and the Taylor-MEI #115, were originally drilled to, and completed in, the Ellenburger formation (4,400 feet) and are scheduled for re-completion to the Gardner Sandstone formation (3,700 feet).
The Company's participation in the Taylor-MEI #113 and the Taylor-MEI #115 wells are structured as a 2.5 percent 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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