HOUSTON, Dec. 9, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce a positive visit to the Company's domestic acreage. Further to this successful visit, the Company is now considering various new projects with the aid of its operating team and consultants. Photographs are available on our Company Website.
The Company is pleased to report that its Chief Executive Officer, Ian Spowart, together with Chief Financial Officer, Daniel Martinez-Atkinson, and technical partners have had a successful visit to the Company's Texan acreage.
The main objective of the site visit was to assess the well logs from the Dahlstrom well, and progress on Phase 1 of the multi phase work-over on the Lockhart project.
While in the area, the team also surveyed potential future well locations within the Lockhart acreage in addition to reviewing several potential new projects.
The management team confirmed it had numerous successful meetings with property owners and representatives, and is now in the process of considering various options to increase production of the Company's assets, in addition to considering new projects presented to them in the area.
"The site visit has been very informative and we have been able to see the increased activity in the area, which is a great indication that other companies share our views on the value of our acreage. We are very pleased with the quality of all the work and are expecting production to start early next week on three wells on the Lockhart lease," commented Daniel Martinez-Atkinson, CFO of Liberty Energy Corp.
"We are extremely pleased with the work-over's our wells and we are currently considering various options to further improve the assets while planning to move ahead with further drilling and development imminently. Our options for the Lockhart lease at the moment include drilling the Alexander A #2 well down to target depth to produce from the prolific and well known Edwards shale play, re-enter another well and drill down to target depth, or alternatively drill a new well to target depth. We are considering all options available while also looking at potential new projects. It is crucial we invest wisely in order to grow shareholder value and increase revenues," commented Ian Spowart, CEO of Liberty Energy Corp. For more information and newly updated pictures of the management team and 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