updated 10/25/2010 9:15:49 AM ET 2010-10-25T13:15:49

HOUSTON, Oct. 25, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to provide a further progress report on the ongoing Phase 1 of its well re-entry program on its Lockhart Lease, Caldwell County, Texas.

The company is in the process of re-entering 3 wells and drilling out 1 well on the lease. 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 has announced it has successfully rigged up on the Alexander A well also known as the Alexander A # 2 well situated on the Lockhart Lease, Texas.

From the plugging report, the Company knew the well had two cement plugs and a cast iron bridge plug that needed to be drilled out. According to the report, the cast iron bridge plug was set at 1600', the 1st plug was set from 1600'-1368' and the 2nd set from 210'- surface. The report also stated the perforations were at 1676'-1685' and that the casing was set to 1832'.

The company has confirmed they have now drilled through the 2nd plug from the surface down to about 300' and have proceeded further in the hopes of reaching the top of the 1st plug expected to be around 1368'.

"We are very pleased with our initial progress on this, our third well on this lease. The plug was set from the surface down to about 310' and from around 310' to 900' we had some fill but for the most part, work went very smoothly. At about 900', we had samples of oil and gas with what seemed to be serpentine as well. We are greatly encouraged with the progress and are looking forward to having this well in production," commented Ian Spowart, President and CEO of Liberty Energy Corp. For more information and pictures of the team at work on the Lockhart 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 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 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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