HOUSTON, Feb. 2, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is buoyed by the recent commodity price trends.
Fears of civil turbulence in Egypt disturbing shipments through the Suez Canal have pushed crude oil costs to more than US $100 a barrel for the first time since October 2008. While Egypt is not a major oil producer, it controls the 120-mile Suez canal and the 200-mile Suez-Mediterranean pipeline which together carry about 2m barrels of oil each day, about 2.5% of current global demand.1
Over the past year, the price of oil has risen by over 15%, and analysts predict that costs could soon touch $110 a barrel as a result of the weak dollar and skyrocketing demands. Gas prices are also expected to rise, with experts predicting a 10% higher day-ahead cost this summer than a year ago.
The Organisation of Petroleum Exporting Countries (OPEC) decision in the next few months on how much oil to produce will also have a huge impact on prices. It is believed their current position is that they will not increase production on the back of the surge in prices as they believe there is no immediate shortage of oil.2 Further reports have suggested that none of the OPEC members find $100 concerning or irrational. Some of the OPEC members see no need for an emergency meeting even with prices at $110 or $120.3
"Liberty's decision to build an asset base in Texas, a stable economic and political arena is set to bear fruit. The ever-increasing price of oil along side our recent and ongoing field development work, will increase our turnover and ultimately shareholder value. We have noticed a rising demand for safe onshore projects around our operations sites, and have plans to expand our acreage further in the not to distant future," commented Ian Spowart, CEO and President of Liberty Energy Corp. For more information on the activities of the Company, please see the Liberty Energy website www.energy-liberty.com/
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
References
CONTACT: Liberty Energy Corp. Two Allen Center Suite 1600 1200 Smith Street Houston TX 77002 Tel: 713-353-4700 Fax: 713-353-4701 Email: info@energy-liberty.com INVESTOR RELATIONS: Toll Free: 1-877-890-1650 Email: ir@energy-liberty.com