SOURCE: Independence Energy Corp.

May 21, 2012 06:00 ET

Independence Energy Corp. Reports Drilling Rig Arrival at Shields-MEI #105H Horizontal Well Site in Coleman County, Texas

SEAL BEACH, CA--(Marketwire - May 21, 2012) - Independence Energy Corp. (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to announce that the Company has received confirmation that the contracted drilling rig for the Shields-MEI #105H Horizontal Well has arrived at the proposed well site in Coleman County, Texas. MontCrest Energy Inc. ("MEI"), the project operator, has elected to modify the original drill program schedule and plans to drill the Shields-MEI #105H as the first well of the two well MontCrest Drill Program. Drilling of the Vaughn-MEI #106 vertical well is scheduled to begin immediately following the completion of the Shields-MEI #105H.

"The project operator was fortunate enough to secure one of the best directional drilling contractors in the business to complete the Shields-MEI #105 horizontal well. This specialized crew is in great demand and their immediate availability played a major factor in the decision to drill the horizontal well first," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "Final rig is setup and testing is expected to be completed in the next 24 hours with drilling to begin immediately afterwards."

Sharewell Energy Services, LLC, a recognized leader in directional well engineering, EM technology, and premium directional drilling services has been contracted by MEI to drill the Shields-MEI #105H well. Sharewell's patented and proprietary ElectroTrac EM-MWD (Electro Magnetic- Measurement While Drilling) system has been successfully deployed in numerous major conventional and unconventional basins, including the Rocky Mountains, Barnett Shale, Fayetteville Shale, Haynesville Shale, Marcellus Shale and New Albany Shale.

The Shields-MEI #105H is expected to target the Gardner Sandstone formation and is planned to take 13-15 days to complete. Project geologists expect that the well, if successful, may have a potential 1500'+/- horizontal leg in the Gardner Sandstone target pay zone. Analyses of offset well logs and structural mapping indicates that the potential reservoir could yield up to a 20'+ thick pay zone with 15% to 18% porosity and 25% water saturation.

The Shields-MEI #105H 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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