SOURCE: Independence Energy Corp.

April 02, 2012 08:00 ET

Independence Energy Corp. Acquires Interest in Multi-Well Drill Program in Texas

SEAL BEACH, CA--(Marketwire - Apr 2, 2012) - Independence Energy Corp. (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to announce that the Company has acquired a 5% Working Interest in the highly prospective MontCrest Energy Drilling Program #3 in Coleman County, Texas (the "MontCrest Drill Program"). The MontCrest Drill Program consists of a turnkey participation in two exploration wells targeting multiple oil-bearing sand formations previously productive in the region. MontCrest Energy Inc. ("MEI"), the project operator, has significant exploration experience in the immediate area.

The Shields-MEI #105-H Prospect Well is expected to be drilled as a horizontal well targeting the Gardner Sandstone formation. This is thought to be the first horizontal well permitted and drilled in Coleman County. Project geologists expect that the well, if successful, may have a potential 1500'+/- horizontal leg in the Gardner Sandstone target pay zone.

The Vaughn-MEI #106 Prospect Well is expected to be drilled to an estimated total depth of 4,650' to test a historically productive dolomite formation, as well as five other known formations at shallower depths. The Vaughn-MEI #106 well is believed to be an offset continuation of a previously successful well drilled in the area.

"The acquisition of a turnkey interest in this virtually drill-ready exploration program gives the Company and its shareholders the opportunity to participate in a project that we believe has significant upside while partnered with an established and successful local operator," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "This is an ideal situation for the Company which reduces the overall risk associated with the project and could possibly result in a substantial near-term increase in revenues."

The project operator is presently completing final site and equipment preparation for the Vaughn-MEI #106 well. Drilling of this well is expected to commence within the next three weeks. Drilling of the Shields-MEI #105-H horizontal well is expected to begin during the second week of May 2012.

Further updates regarding the MontCrest Drill Program and other Independence Energy business will be made as additional information becomes available.

About Independence Energy Corp.

Independence Energy Corp. is an oil and gas exploration and development company focused on projects in the United States. Independence Energy is seeking to further advance its existing projects through development or offset drilling and to expand its portfolio to include additional property interests in the United States.

Some information in this document constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the drilling of the Vaughn-MEI #106 and Shields-MEI #105-H horizontal wells as well as the potential results from such drilling. The words "plan", "forecast", "anticipate", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Independence Energy Corp. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Independence Energy Corp. disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.

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