SOURCE: Independence Energy Corp.

May 29, 2012 06:00 ET

Independence Energy Corp. Reports Significant Drilling Progress at Shields-MEI #105H Horizontal Well

SEAL BEACH, CA--(Marketwire - May 29, 2012) - Independence Energy Corp. (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to provide this update regarding the ongoing drill program at the Shields-MEI #105H Horizontal Well in Coleman County, Texas.

MontCrest Energy Inc. ("MEI"), the project operator, recently reported that the drilling contractor has successfully completed the initial 3,000 foot vertical section of the well and has commenced building the curved portion of the well prior to reaching the anticipated target depth for the horizontal leg. The Company expects confirmation that drilling has reached the targeted Gardner Sandstone formation and potential pay zone later this week.

"After successfully completing a clean 8 degree curved section for the well, drilling crews will start the horizontal leg through the potential reservoir pay zone," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "The straight horizontal leg through the Gardner Sandstone formation is expected to be completed relatively quickly and we plan to provide additional updates from the well site very soon, including any possible reservoir characteristic information and indicated hydrocarbon intersections as reported by the project operator."

The Shields-MEI #105H is expected to intersect the Gardner Sandstone formation at approximately 4,000 feet. Project geologists expect that the well, if successful, may have a potential 1500'+/- horizontal leg through the potential reservoir 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 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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