Independence Energy has provided the geological information for its exploration at the Coleman South Lease Joint Development Project in which it acquired a 12.5% working stake recently. The company also holds the option of increasing its stake to 25.0% for the same.
According to the CEO and President of Independence Energy Gregory C. Rotelli, the acquisition was made by the company based on its belief that the area is under developed. He also added that great potential could be achieved using its recent knowledge from the Shields-MEI # 105H horizontal well drilling that is being carried out.
The Coleman South Lease covers a total area of 2,400 ac and is known for the presence of various producing horizons that can be used as trapping mechanisms for deposits of oil and gas. Towards this end, the company has identified various drill targets including the Gray Sandstone (3,800 ft), Gardner Sandstone (3,700 ft), Ellenburger Dolomite (4,400 ft) and Jennings Sandstone (3,600 ft).
The Whitley Field is also located under the premises of the block. This field has produced 3,481,290 barrels of oil and 1,012,697 mcf of gas majorly from Jennings Sandstone. Most of the projects of Independence Energy are focussed on the United States and the company is seeking further exploration projects through offset drilling or development and expanding its projects in the country.
Source: http://www.independanceenergycorp.com
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