SOURCE: Independence Energy Corp.

May 17, 2012 06:00 ET

Independence Energy Corp. Reports Production Equipment Upgrades Completed at Quinlan Lease Oil Property in Oklahoma

SEAL BEACH, CA--(Marketwire - May 17, 2012) - Independence Energy Corp. (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to report that significant production and water handling upgrades have been completed at the Quinlan Lease oil property in Oklahoma. The completed upgrades include the installation of a new coated casing at the Quinlan #1 well, the connection of a high capacity submersible pump at Quinlan #3, and other overall site improvements.

"Now that a larger variable speed submersible pump is online at Quinlan # 3, project operators plan to optimize oil and water production levels to maximize the long-term return on investment potential of the well," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "At the Quinlan #1 well, the new coated casing and other essential repairs made to the original well completion are also expected to significantly improve production levels and well reliability. Based on the history of the Quinlan wells and other wells in the area, we anticipate that the improved Quinlan Lease property will generate consistent income for the Company for many years."

The Quinlan Lease area is comprised of 3 productive oils wells (Quinlan #1, #2, and #3) and 1 water disposal well located on 120 acres in Pottawatomie County, Oklahoma. The Company currently holds a 10% interest in the three productive Quinlan Lease wells. The historic oil field was originally discovered in 1937 and has produced in excess of 5.8 million barrels of oil from 19 wells from primarily the 1st. Wilcox Sand and the Hunton Limestone with secondary production from the Simpson Dolomite and the Viola Limestone formations.

Further updates regarding the Quinlan Lease property and other Independence Energy Corp. 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 expectations of increases in production, reliability and revenues from the Quinlan Lease wells, the long term investment potential of the wells, and the ability of the wells to generate consistent revenues for the Company. 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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