Shawshank, VA 6/22/12 (StreetBeat) -- Independence Energy Corp. (OTCBB:IDNGD) (the "Company" or "Independence Energy") is pleased to provide this discussion regarding the Company's recent developments and near-term growth opportunities.
"During the last few months, our Company has been moving forward with its oil and gas business development strategy at a very fast pace, making important advancements in all six factors that we previously identified as being key to building and maintaining shareholder value -- strong funding, portfolio diversification, technical expertise, industry partnering, asset management, and building long-term revenue streams," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "These advancements have already translated into an investment in the producing Quinlan Lease oil property in Oklahoma and financing important acquisitions of interests in three other high potential exploration and development projects in Texas. We are now well positioned to benefit from our hard work and diligent preparation with drilling nearly completed at the Shields-MEI #105H horizontal well and three other wells proposed to be drilled in the next 30-60 days. Looking forward, development of the 2,400 acre Coleman South Lease has the potential to be at the center of what could become an exciting horizontal drilling land play and is expected to provide the Company with numerous additional near-term drilling and joint venture opportunities."
Independence Energy is currently participating in four active exploration and development projects; 1) Quinlan Lease oil property development in Pottawatomie County, Oklahoma, with 3 productive wells recently upgraded and currently being optimized -- 10% interest; 2) the MontCrest Drilling Program #3 in Coleman County, Texas, a two well program with the Shields-MEI #105H horizontal well currently in the final stages of drilling (good oil shows and other positive indicators) and a vertical well planned for drilling immediately following the Shields-MEI #105H -- 7% interest; 3) the Taylor Lease Program, a two well re-completion program with the first well, the Taylor-MEI #113, expected to begin drilling in the next few days -- 2.5% interest; and 4) the 2,400 acre Coleman South Lease exploration joint development project, favorably located only 3/4 mile from the Shields-MEI #105H property -- 12.5% interest with option acquire an additional 12.5%.
In addition, with regard to the previously announced proposed five-for-one forward stock split of its common shares, the Company has made the required regulatory applications to facilitate the stock split and expects to receive final confirmation of the effective date and other details from FINRA within the next few days. Following the stock split, it is expected that Independence Energy common shares will receive a new CUSIP and temporarily trade under a new symbol specially designated for the post-split shares. Additional information for shareholders will be provided by further press release when available.
About Independence Energy Corp.
Independence Energy Corp. is an oil and gas exploration and development company focused on projects in the United States. Independence Energy is seeking to further advance its existing projects through development or offset drilling and to expand its portfolio to include additional property interests in the United States.
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