SOURCE: Independence Energy Corp.

May 31, 2012 06:00 ET

Independence Energy Corp. Reports Oil-Bearing Zone Encountered at Shields-MEI #105H Horizontal Well

SEAL BEACH, CA--(Marketwire - May 31, 2012) - Independence Energy Corp. (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to announce that it has been informed that drilling at the Shields-MEI #105H Horizontal Well in Coleman County, Texas, has intersected an oil-bearing formation.

MontCrest Energy Inc. ("MEI"), the project operator, has reported that recent mud logs taken from the Shields-MEI #105H well showed several important characteristic changes that indicate that drilling has intersected the targeted oil-bearing Gardner Sandstone formation at approximately 4,000 feet, including an increase in down hole pressure, the presence of natural gas, significant oil cut/staining, and odor.

"Based on the most recent mud logs taken from the Shields-MEI #105H horizontal well, it appears that we have hit our intended oil-bearing zone right on target. We believe that these reservoir characteristics are indicative of a productive Gardner Sandstone well," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "Drilling of the horizontal leg of the well is expected to continue through the Gardner Sandstone formation for three or four more days, at which time the operator anticipates testing certain sections of the well prior to making completion and production decisions."

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 success of drilling the Shields-MEI #105-H horizontal well, how long the drilling will take to complete 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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