updated 12/15/2010 9:17:06 AM ET 2010-12-15T14:17:06

HOUSTON, Dec. 15, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to provide a positive operational update on the Dahlstrom #1 well re-entry program.

The Dahlstrom #1 re-entry well is located on approximately 58 acres of productive sands located above the currently completed interval in the Dahlstrom #1 well. The Company announced a continuous two-day dialing test had begun on the well. The Company recently installed a generator which is designed to alleviate well pressure, reduce water production and further increase gas production.

The Company carried out tests to the well to determine the parameters at which the well will produce gas, water and possibly sand. The tests will allow the Company to determine an optimum level of production for the well. The Company encountered minor issues while attempting to balance the well, and the team had to alter various settings to prevent the compressor from being overloaded with water. The Company has confirmed having conducted a total of about 36 hours of successful testing.

"We are excited to have this testing underway; the crew have been working on the well for 36 hours now and initial results look promising. The well has produced some water as expected, but the amount of water being produced is decreasing in relation to gas production as the testing continues, which is great news. We are still testing and reviewing results continuously. As we further develop this asset, we may consider a private disposal well on the lease, which could be another source of positive revenue. We have a good level of pressure on the well and are confident of generating good levels of production from this well," commented Ian Spowart, CEO of Liberty Energy Corp. For more information and new pictures of the team at work, 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.


Liberty Energy Corp.
Ian Spowart, Chief Executive Officer

CONTACT:  Liberty Energy Corp.
            Fax:  713-353-4701
          Investor Relations:
          Two Allen Center, Suite 1600
          1200 Smith Street
          Houston, TX 77002

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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