Multi-well drill program acquisition in Texas for Independence Energy

Source: Independence Energy Corp.

Independence Energy Corp. (OTC.BB: IDNG.OB) (the "Company" or "Independence Energy") is pleased to announce that the Company has acquired a 5% Working Interest in 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. MontCrest Energy Inc. ("MEI"), the project operator, has significant exploration experience in the immediate area.

The Shields-MEI #105-H Prospect Well is expected to be drilled as a horizontal well targeting the Gardner Sandstone formation. This is thought to be the first horizontal well permitted and drilled in Coleman County. Project geologists expect that the well, if successful, may have a potential 1500'+/- horizontal leg in the Gardner Sandstone target pay zone.

The Vaughn-MEI #106 Prospect Well is expected to be drilled to an estimated total depth of 4,650' to test a historically productive dolomite formation, as well as five other known formations at shallower depths. The Vaughn-MEI #106 well is believed to be an offset continuation of a previously successful well drilled in the area.

"The acquisition of a turnkey interest in this virtually drill-ready exploration program gives the Company and its shareholders the opportunity to participate in a project that we believe has significant upside while partnered with an established and successful local operator," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "This is an ideal situation for the Company which reduces the overall risk associated with the project and could possibly result in a substantial near-term increase in revenues."

The project operator is presently completing final site and equipment preparation for the Vaughn-MEI #106 well. Drilling of this well is expected to commence within the next three weeks. Drilling of the Shields-MEI #105-H horizontal well is expected to begin during the second week of May 2012.

Further updates regarding the MontCrest Drill Program and other Independence Energy business will be made as additional information becomes available.


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