SOURCE: Independence Energy Corp.

June 19, 2012 06:00 ET

Independence Energy Corp. Completes Acquisition of Additional Interest in Shields-MEI #105H Horizontal Well Project

SEAL BEACH, CA--(Marketwire - Jun 19, 2012) - Independence Energy Corp. (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to announce that the Company has closed on a Definitive Agreement to acquire an additional 2% interest in the highly prospective MontCrest Energy Drilling Program #3 in Coleman County, Texas (the "MontCrest Drill Program"). The successful completion of the transaction has raised the Company's ownership of the active exploration project to 7% from the previous 5% level, a 40% overall increase.

The MontCrest Drill Program consists of a turnkey participation in two exploration wells, the Shields-MEI #105H and Vaughn-MEI #106, targeting multiple oil-bearing sand formations previously productive in the region. The MontCrest Drill Program is located only 3/4 miles from the 2,400 acre Coleman South Lease exploration joint development project interest recently acquired as part of a strategic Company expansion in the increasingly prospective area.

The Shields-MEI #105H horizontal well is currently in the final stages of drilling and it has been reported that the well has displayed multiple intervals of significant visible oil cut/staining and a strong distinct odor usually associated with the presence of hydrocarbons.

Further updates regarding the status of the Shields-MEI #105H horizontal well 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 results of the Shields-MEI #105H and Vaughn-MEI #106 drill program. 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.

Contact Information