updated 8/31/2010 9:17:21 AM ET 2010-08-31T13:17:21

HOUSTON, Aug. 31, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") reiterates its onshore position as a viable alternative to offshore drilling.

New interest in onshore production comes in the wake of the recent BP oil spill as U.S. Congress proposes legislation that would tighten offshore drilling rules.  If approved by Congress, the bill would mean that oil firms responsible for spills could face unlimited charges to cover compensation and clean-up costs.  The bill would also be applied retroactively to BP, although the company has already pledged to honor all reasonable compensation requests and last month agreed to pay $2bn into an independently administered compensation and clean-up fund.

American citizens and politicians are in rare agreement that the tragedy in the Gulf of Mexico is something that should never happen again.  But too many in the media in Washington, or even along the Gulf Coast, are jumping to the conclusion that we have to keep drilling in the Gulf and other offshore areas because we simply have no alternative. 

U.S. oil drilling has been increasing despite concerns over BP Plc's Gulf oil spill.  Offshore drilling fell last week but overall drilling was raised due to an increase in land rigs.

Approximately 55-75% of the original oil discoveries remain stranded in existing domestic onshore oil fields after conventional production methods had been exhausted.  Furthermore, the U.S. hasn't come close to tapping into the potential of the 2,000 trillion cubic feet of natural gas reserves it has.  Using new technology we are now able to locate and extract a significant portion of what was originally left behind.

Onshore production is significantly safer and faster than new offshore exploration and development.  Safer as production comes from known, proven existing oil fields that have already been explored, partially drilled, and fully developed, and faster because production can start immediately in many cases.

We are all aware that any form of oil production has risks, of course, and we should take every precaution to minimize those risks.  However, our need for oil continues and as such we should prioritize sources that pose the lowest possible risks to the environment and our economic and national security.

"There is a lot of new interest in onshore-production potential in the U.S. and Liberty is at the forefront of that.  We are continuously looking for new onshore opportunities and projects and have noticed many Major Exploration and Production companies have started shifting their focus towards relatively safer onshore projects, in the aftermath of the recent oil spill.  It is likely that this current rise in demand for onshore prospects will increase the value of our current interests," said Ian Spowart, President and CEO of Liberty Energy Corp.

ABOUT LIBERTY: Liberty Energy Corp (OTCBB:LBYE) is an Independent Oil and Gas Exploration and Production Company dedicated to the sourcing and production of fuel supplies in the United States and Europe.  Headquartered in Houston, Texas, the company has signed agreements to acquire leases and royalties in both Texas and Bulgaria, covering several wells with extensive potential for future development.  In Texas, four leases – Dahlstrom, Ratliff, and two at Lockhart Northeast – are identified as rich oil and gas sites based around numerous geological pay zones.  In North-West Bulgaria, Liberty has acquired royalty rights to a 1,000,000+ acre natural gas property (the A-Lovech exploration block), an area of high quality, low- sulphur natural gas condensate.  Through this combined international reach and domestic focus, Liberty Energy is committed to the development of U.S. fuel reserves while seeking out further opportunities for the global energy markets.

Certain statements in this press release are forward-looking and involve a number of risks and uncertainties.  Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.  Liberty Energy Corp. bases these forward-looking statements on current expectations and projections about future events, based on information currently available.  The forward-looking statements contained in this press release may also include statements relating to Liberty Energy Corp.'s anticipated financial performance, business prospects, new developments, strategies and similar matters.  Liberty Energy Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.

ON BEHALF OF THE BOARD OF DIRECTORS,

Liberty Energy Corp

Ian Spowart, Chief Executive Officer

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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