SOURCE: Independence Energy Corp.

June 15, 2012 16:05 ET

Independence Energy Corp. Provides Geological Details of Coleman South Lease Exploration Joint Development Project

SEAL BEACH, CA--(Marketwire - Jun 15, 2012) - Independence Energy Corp. (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to provide this update to shareholders with additional geological information regarding the Coleman South Lease exploration joint development project located in Coleman County, Texas. The Company recently acquired a 12.5% working interest in the Coleman South Lease project and holds an option to increase its working interest to 25.0%.

"The acquisition of an interest in this relatively large land package is due to our belief that the area is potentially underdeveloped, especially in light of our newly gained knowledge from the Shields-MEI #105H horizontal well drilling just 3/4 mile away," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "We envision developing and participating in a long-term strategy that would lead to drilling numerous new wells on the property using modern drilling and completion techniques, including horizontal drilling and fracking. We anticipate that the property could support up to 50 vertical or 15 horizontal wells."

The Coleman South Lease project covers an area of 2,400 acres, four miles southwest of Novice, Texas, situated approximately 3/4 mile from the location of the Shields-MEI #105H horizontal well currently being drilled and in which the Company also holds an interest. The region is best known for containing numerous producing horizons that are stratigraphically and structurally used as trapping mechanisms for oil and gas deposits. The Company believes that many of these formations remain under-exploited or untouched in key offset locations. Several potential high-priority exploration drill targets (vertical and horizontal) have been identified and will be considered by the Company and its partners. Primary target formations include, but are not limited to, the Ellenburger Dolomite (4,400 feet), the Gray Sandstone (3,800 feet), Gardner Sandstone (3,700 feet), and Jennings Sandstone (3,600).

The Ellenburger Dolomite was formed in Ordovician age, which was later eroded resulting in several highly structured trapping mechanisms. Ellenburger wells are known for their high initial rate of production and potential quick payout. Very few wells have been drilled deep enough to penetrate the Ellenburger in this area. One proposed location is offsetting two historic Ellenburger producers that had difficulties upon completion. The Hrubetz Ellenburger field has produced over 1.4 million barrels of oil and 2,400,000 mcf of gas.

The Gray Sandstone is trending north-south across most of the Coleman South Lease. One historic well in section 10 produced 105,542 barrels of oil and 311,832 mcf of gas. This well should be offset to the north. Most Gray Sand wells are known to produce above 50,000 barrels of oil equivalent. The Templeton Field is located two miles to the east in sections 1, 2, 39, and 40. Most of the production from the Templeton Field has come from the Gray formation (along with the Gardner and Jennings). This field has produced 1,567,678 barrels of oil and 4,148,320 mcf of gas.

The Gardner Sandstone is the middle sand in the Strawn Series. One of the more famous Gardner fields is the Novice Field, located just two miles to the north. The Novice Field made 3,313,211 barrels of oil and 3,764,370 mcf of gas. Two and a half miles northeast is the Rough Creek Ranch Field which has made 131,639 barrels of oil and 1,266,103 mcf of gas from the Gardner and is still productive.

The Whitley Field is also located on our acreage block. It has produced 3,481,290 barrels of oil and 1,012,697 mcf of gas from mostly the Jennings Sandstone. It has several potential offset locations remaining. The Jones-Hill Field located one mile east, in section 16, has produced 200,657 barrels of oil and 11,051 mcf of gas to date from four Jennings wells. The CJC Field located in sections 5, 118, and 119 has produced 874,678 barrels of oil and 1,581,839 mcf of gas from 19 Jennings wells.

Further updates regarding the Coleman South Lease Joint Development project 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 exploration and planned operations on the Coleman South Lease as well as the increase in interest to 25%. 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. All references to historical production from formations in and around the Coleman South Lease are for illustrative purposes only and there can be no assurance that the Coleman South Lease will produce any commercially viable oil resources for the Company.

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