Independence Energy Corp. provide this update regarding recent progress made at the Quinlan Lease property in Oklahoma. The Company currently holds a 10% interest in the three productive Quinlan Lease oil wells.
"We continue to receive positive progress reports from the project operators regarding work currently being conducted at the Quinlan Lease property in Oklahoma. At this rate, we could see production and revenue from Quinlan increase sooner than we had anticipated," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "The latest report from the field indicated that the Quinlan #1 and #2 wells appear to be responding very positively to the recompletion and equipment upgrades conducted last month.
Near-term production increases are expected as the improved well clears accumulated water from the reservoir. At Quinlan #3, production, storage, and water handling upgrades are in place and ready-to-go. The installation of a new transformer and electrical hookup by the local utility company is all that's left to accomplish prior to re-activating the well. We expect this work will be completed within the next few weeks."