Independence Energy Takes a Major Step towards Creating Long Term Pipeline of New Projects (IDNG)

Oil and gas exploration and development company Independence Energy Corp. (OTC:IDNG) has taken yet another step towards building a long-term pipeline of new projects by executing a definitive agreement for acquisition of up to 25% working interest in Coleman South Lease exploration joint development project in Coleman County, Texas.

With the latest agreement, IDNG is continuing to make steady progress in Coleman County. The latest project, which is spread over an area of 2,400 acres, is in close proximity to the Shields-MEI #105H horizontal well, in which the company holds an interest.

In fact, positive indications of oil from the Shields-MEI#105H horizontal well, which is being drilled at the moment, prompted the company to sign the joint development agreement. CEO Gregory C. Rotelli said that based on the positive indications, IDNG believes that the acquisition in the immediate area is a major step towards creating a pipeline of new exploration and development prospects.

IDNG has acquired a 12.5% working interest in the project, and has option to raise its working interest to 25% in the next 60 days.

IDNG shares are marginally lower in trading today.

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