HOUSTON, Nov. 17, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") a publicly traded oil and gas exploration and production company, today announced that its Board of Directors have appointed ABBM Group Ltd. LLP Certified Public Accountants, as the Company's new independent auditors to replace George Stewart CPA effective immediately.
The Company's decision to change auditors was not due to any disagreement between the Company and its former auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
As mandated by Section 203 of the Sarbanes-Oxley Act, the rules provide that an accounting firm will not be independent if either the lead audit partner or the concurring partner perform audit services for more than five consecutive fiscal years of an audit client. Extending beyond the mandate of Section 203, the final rules also require a five-year "time-out" period before a partner may return to a particular audit engagement.
'Publicly traded companies are not required to change periodically which CPA firm performs their annual financial audit. However, CPA firms are required to rotate the audit partner assigned to an audit after five years. As George is the only CPA at George Stewart CPA, due to the five year 'time-out' rule he is no longer able to act for the Company. This has presented us with a great opportunity to appoint a new, larger, more established independent audit firm who has the capacity and expertise to be able to accommodate for our current and ever growing needs. We are therefore pleased to announce the appointment of ABBM Group Ltd. LLP as our new auditors, and we look forward to building a strong and long lasting relationship with them.' Commented Ian Spowart, CEO of Liberty Energy Corp.
About ABBM Group, Ltd LLP
ABBM Group, Ltd LLP is a full service CPA firm created by the combination of three practices in 2009 - the practices of Bateman McDuffie, Inc., John A. Braden & Company, P.C., and Anthis & Company, P.C. Based in Houston, Texas - but with an international scope - the firm has built a reputation as a quality, highly professional CPA firm. It is well known throughout the accounting profession. As a member of the UK200Group, which is itself a member of the International Association of Practicing Accountants, the Firm is a member of both the Center for Audit Quality ("CAQ") and the Private Companies Practice Section ("PCPS") of the American Institute of CPA's. As a member, the Firm has undergone seven (8) Peer Reviews, receiving unqualified opinions without a letter of comment. The firm is proud of its record of providing auditing and accounting services that comply with the highest level of professional standards. The firm is also registered with the Public Companies Accounting Oversight Board ("PCAOB"). To date, the practice has undergone two triennial inspections by PCAOB, and has received inspection reports with no findings on each.
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,
CONTACT: Liberty Energy Corp. INVESTOR RELATIONS: 1-877-890-1650 ir@energy-liberty.com Two Allen Center, Suite 1600 1200 Smith Street Houston, TX 77002 713-353-4700 Fax: 713-353-4701 info@energy-liberty.com