SOURCE: Independence Energy Corp.

June 14, 2012 06:00 ET

Independence Energy Corp. Signs Letter of Intent to Acquire Additional Interest in Shields-MEI #105H Horizontal Well Project

SEAL BEACH, CA--(Marketwire - Jun 14, 2012) - Independence Energy Corp. (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to announce that the Company has executed a Letter of Intent to acquire an additional 2% interest in the highly prospective MontCrest Energy Drilling Program #3 in Coleman County, Texas (the "MontCrest Drill Program"). If completed, the proposed acquisition will raise the Company's ownership of the active exploration project to 7% from the current 5% level.

The MontCrest Drill Program consists of a turnkey participation in two exploration wells, the Shields-MEI #105H and Vaughn-MEI #106, targeting multiple oil-bearing sand formations previously productive in the region. The Shields-MEI #105H horizontal well is currently in the final stages of drilling and it has been reported that the well has displayed several characteristics that indicate the presence of hydrocarbons in the targeted Gardner Sandstone formation, including significant visible oil cut/staining and a strong distinct odor.

"Based on our current positive assessment of the MontCrest Drill Program, including the indication that drilling may have encountered oil at the Shields-MEI #105H horizontal well, we believe that adding to our current ownership interest fits our aggressive growth strategy," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "We hope to conclude negotiations with the current interest holder during the next few days prior to the completion of the Shields-MEI #105H horizontal well."

The proposed acquisition remains subject to, among other things, legal title review, completion of satisfactory due diligence, and transfer of consideration.

Further updates regarding the potential acquisitions 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 Company acquiring an additional interest in the MontCrest Drill Program as well as the eventual results of the drill program. 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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