SOURCE: Independence Energy Corp.

May 01, 2012 08:00 ET

Independence Energy Corp. Announces Completion of Drill Site Preparations at Vaughn-MEI #106 Well in Coleman County, Texas

SEAL BEACH, CA--(Marketwire - May 1, 2012) - Independence Energy Corp. (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to announce that final drill site preparations have been completed at the Vaughn-MEI #106 Prospect Well location in Coleman County, Texas. MontCrest Energy Inc. ("MEI"), the project operator, has also indicated that the contracted drill rig is currently finalizing work at another location prior to mobilizing to the Vaughn-MEI #106 site in the next few days. Drilling is expected to commence at Vaughn-MEI #106 immediately following rig arrival.

The Vaughn-MEI #106 Prospect Well is projected to take approximately 10-12 days of drilling to reach an estimated total depth of 4,650' and should 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.

"It's good news that everything is prepared for the start of drilling at the first of two MontCrest wells in Texas," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "Once the contracted drill rig is released from its current location, we should be ready to drill both the Vaughn-MEI #106 vertical well and the Shields-MEI #105H horizontal well, back to back without further delay."

The Vaughn-MEI #106 Prospect Well is part of 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 (Shields-MEI #105H and Vaughn-MEI #106). The Company holds a 5% Working Interest in the MontCrest Drill Program.

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 vertical and Shields-MEI #105-H horizontal wells as well as the potential results from such drilling. The words "plan", "forecast", "anticipates", "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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