Independence Energy To Gain Up To 25% Stake In Texas Project

Transaction Type
Sellers
Buyers
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Description

To purchase up to a 25% WI in 2,400-acre Coleman South lease exploration joint development project in Coleman Co., Texas.

Independence Energy Corp., Seal Beach, Calif., (OTCBB: IDNG) plans to purchase up to a 25% working interest in the Coleman South Lease exploration joint development project in Texas from an undisclosed seller for an undisclosed price.

The lease is in Coleman County and covers an area of 2,400 acres situated approximately three-quarters of a mile from the location of the Shields-MEI #105H horizontal well currently being drilled and in which the company also holds an interest.

Independence has immediately acquired a 12.5% working interest in the Coleman South Lease exploration project and holds an option to increase its working interest to 25% within the next 60 days.

Independence chief executive and president Gregory C. Rotelli says, “Based on the initial positive indications of oil from the Shields-MEI #105H horizontal well currently being drilled, we believe this relatively large and timely land acquisition in the immediate area is a very positive step towards building a long-term pipeline of new exploration and development prospects for the company."