Independence Energy Corp. has executed a definitive agreement for the acquisition of up to a 25.0% working interest in the highly prospective Coleman South Lease exploration joint development project located in Coleman County, Texas. The Coleman South Lease project covers an area of 2,400 acres situated approximately 3/4 mile from the location of the Shields-MEI #105H horizontal well currently being drilled and in which the Company also holds an interest.

"Based on the initial positive indications of oil from the Shields-MEI #105H horizontal well currently being drilled, we believe this relatively large and timely land acquisition in the immediate area is a very positive step towards building a long-term pipeline of new exploration and development prospects for the Company," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy.

Tags: Independence Energy Corp.