Independence Energy Corp. 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.

Tags: Independence Energy Corp.