HOUSTON, Sept. 9, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce that work has commenced on the Lockhart Lease, Caldwell County, Texas.
The company is pleased to confirm that it has begun phase one of the five stage work-over program. The four wells in question are located on 3 tracts of land known as the Alexander A, housing (1) re-entry well called the #2, the Alexander B, housing 2 shut-in wells called the #1 & #3 and the Anton, housing (1) shut-in well called the Anton #1.
The company, through the operator, has held discussions with the landowners to discuss the plans to develop the lease. After clearing the areas around the wells the valves on the #1 & #3 wells were opened and had strong gas pressure with signs of oil. A drum, hose and pump were then set up, and the wells produced gallons of oil within minutes, and have subsequently continued to produce.
The company has now met the requirements to hold lease through production and have received inspection visits from the landowners and the Railroad Commission.
"We are pleased to be getting this work underway and are confident from the initial stages of work completed, that we will get good results from these wells. This work has secured our leases, and we now anticipate a key revenue stream for the company for years to come," commented Daniel Martinez-Atkinson, CFO 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
CONTACT: Liberty Energy Corp. Investor Relations: 1-877-890-1650 ir@energy-liberty.com 713-353-4700 Fax: 713-353-4701 info@energy-liberty.com Two Allen Center, Suite 1600 1200 Smith Street Houston, TX 77002