updated 12/23/2010 9:16:17 AM ET 2010-12-23T14:16:17

HOUSTON, Dec. 23, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) "Liberty" or "the Company") is delighted to confirm initial production rates from the two wells located on the Alexander B, Lockhart, Texas.

The Company is extremely pleased to confirm that the two 2 shut-in wells called the #1 & #3 located on the Alexander B lease have recovered a total of 215 bbls of oil during the first 36 hours of production.

The Lockhart Northeast Project in Caldwell County consists of four land tracts containing eight wells (five re-entry wells and three shut-in wells) over two leases. The lease is located over roughly 848 acres and if proven viable holds enough space to house a potential further 282 new wells.

The Company initially announced a multi-phased well re-entry program in September, 2010. Over the past several months the Company has been making consistent progress on its re-entry program on the lease. The first phase of the five-stage work-over has included re-entering 3 wells and the drilling out of 1 well on the lease. The four wells in question are located on 3 tracts of land know 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 plans to commence phase 2 in January, 2011.

"We are very pleased with the initial production rates of the two wells and are looking forward to continued production success. We have always been optimistic about the production capabilities of all the wells on this lease and are expecting a full initial production report in the coming days. In addition to our current projects we are in advanced negotiations for other Texas based projects, offering similar low cost high yield production opportunities. We feel 2011 will be an instrumental year for our company, the outlook is very positive indeed," 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.com1
          INVESTOR RELATIONS:
            1-877-890-1650
            ir@energy-liberty.com
          Two Allen Center
          Suite 1600
          1200 Smith Street
          Houston, TX 77002

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