Independence Energy (IDNG) Updates Progress on Quinlan Lease

Penny Stocks On The Move:

Independence Energy Corp. (OTC: IDNG) 

Independence Energy, an oil and gas exploration and development company, provided an update regarding recent progress made at the Quinlan Lease oil property in Oklahoma.

The 120 acre Quinlan Lease property is comprised of 3 productive oils wells (Quinlan #1, #2, and #3) and 1 salt water disposal well. Over the last several months, significant infrastructure, production, and water handling upgrades were made at the site. The upgrades, which included the use of new coated tubing/casings, a new electrical transformer, a high-capacity submersible pump, and a variable speed drive, all appear to have been successful at better dealing with the high volume of salt water produced by the wells.

IDNG Stock Chart

Optimization of the submersible pump at Quinlan #3 has successfully undergone three separate upward total fluid volume adjustments (800, 1000, and 1,200 bbls per day), each increasing net daily oil production. Project operators anticipate further testing the submersible pump and variable speed drive at several higher volume levels prior to making a decision regarding the optimum strategy to maximize the long-term productivity and reliability of the well.

Testing is expected to continue for another 7-10 days. IDNG certainly appears to be on the right track.



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