HOUSTON, Oct. 28, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to provide a further progress report on the ongoing aggressive five-stage work-over 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 confirmed on October 25 they had drilled through the 2nd plug from the surface down to about 300' and were proceeding further in the hopes of reaching the top of the 1st plug which was expected to be around 1368'.
The Company has now revealed the 2nd plug was reached at around 1481' but the well then had to be shut in overnight due to adverse weather conditions. Work has since continued and while circulating and drilling through the plug, the crew received several returns containing oil in addition to several gas kicks.
Drilling continued on the well and the crew started drilling through the top of the 1st plug progressing to around 1740'. The crew were then able to drill through the remainder of the 1st plug and proceeded to push the cast iron bridge plug. The crew confirmed they received oil and gas shows throughout the day.
"Things are progressing ahead of schedule at this point but we still have a hurdle ahead of us drilling out the cast iron bridge plug set around 1600'. The well is showing great signs of potential production at this stage and we are excited to get the well online and producing as soon as possible. We are confident we will be able to complete Phase 1 of the project soon. This will provide us with consistent production and revenues going forward," commented Ian Spowart, 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 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