Independence Resources Management Announces Investment
of Up to $500 Million by Warburg Pincus

HOUSTON, March 31, 2015 /PRNewswire/ -- Independence Resources Management ("IRM" or "the Company"), a start-up oil and gas exploration and production company, today announced that Warburg Pincus, a global private equity firm focused on growth investing, has agreed to a line-of-equity investment of up to $500 million in the Company.

IRM intends to target onshore oil and gas acquisition and play extension opportunities in known producing basins in the Mid-Continent and Rockies regions of the United States, with an initial focus on the Anadarko Basin. The Company will focus on plays with large amounts of hydrocarbons in place and low recovery factors, where advanced drilling and completion techniques can create compelling risk-adjusted returns.

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