HOUSTON, Sept. 15, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce the initial results of the Dahlstrom #1 well re-entry program.
The company announced the well re-entry on August 19, 2010. The intention of the re-entry was to perforate the intervals with potentially productive sands, and increase the level of production of natural gas.
When work began pressure was low due to suspected sandlocks; however, upon completion of the work the wells pressure stabilized at around 1650PSI.
The company has confirmed that initial production following the re-entry has been three times higher than the level of production prior to the work. The pressure has been so high that the well has been producing despite all the valves being turned off which is strictly due to the amount of down hole pressure. As a result of this pressure gas has been able to force its way through each one of the valves all the way down the flow line to the gas gatherer's meter.
"We are really excited by the initial results of the work. The key point to take from this is that we are producing and can now use revenues from this well to cover overheads, leaving future investment for both new and existing operations. We are still closely monitoring and testing the well and anticipate some further work shortly but we still believe the well could produce ten to fifteen times the level of output previously achieved," said Ian Spowart, President and CEO of Liberty Energy Corp. For more information and pictures of the team at work on the Dahlstrom project see the Liberty Energy website at www.energy-liberty.com/projects/texas/.
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 US 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. 713-353-4700 Fax: 713-353-4701 info@energy-liberty.com Investor Relations: 1-877-890-1650 ir@energy-liberty.com Two Allen Center Suite 1600 1200 Smith Street Houston, TX 77002