Independence Energy Corp. has signed a Letter-of-Intent (LOI) to acquire an interest in a development well drill program and several productive oil wells in Oklahoma.
The potential acquisition is expected to include the opportunity to participate in a planned Oil Creek well in Garvin County, Oklahoma. The drill target location was defined using proprietary 3D 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.