Independence To Buy Productive Oklahoma Property

To purchase interest in OK wells in Garvin County.

Independence Energy Corp., Seal Beach, Calif., (OTCBB: IDNG) has signed a letter-of-intent to acquire an interest in a development well drill program and several productive oil wells in Oklahoma.

The deal includes the opportunity to participate in a planned Oil Creek well in Garvin County, Oklahoma. The drill target was defined using proprietary 3-D 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.