HOUSTON, Feb. 15, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce it is a proud member of the Texas Oil and Gas Association (TxOGA).
The Texas Oil and Gas Association is the largest and oldest petroleum organization in Texas, representing over 4,000 members. The membership of TxOGA produces approximately 92 percent of Texas' crude oil and natural gas, operates 100 percent of the state's refining capacity, and is responsible for the vast majority of the state's pipelines.
TxOGA member companies produce a quarter of the nation's oil, a third of its natural gas, and account for one quarter of the U.S. refining capacity. According to the most recent data, the oil and gas industry employs 315,000 Texans, providing payroll and benefits of over $30 billion in Texas alone. The oil and gas industry is the largest taxpayer in Texas and in fiscal year 2009 paid approximately $8.5 billion to state and local treasuries.
TxOGA works to create a balance in a world of political extremes. The Association's history of expertise on important concerns is what draws legislators and their staffs to utilize TxOGA for insight into the legislative issues that involve our industry. Building strong relationships with these state leaders enables the Association to have a critical influence on decisions that affect you. The names and faces may change at the Capitol, but TxOGA's clout is a constant that has endured for over three quarters of a century.
Some of the TxOGA's recent accomplishments include: High-cost gas tax incentive, 2-year inactive well tax incentive, enhanced oil recovery tax incentive, emergency temporary severance tax exemption, Railroad Commission regulatory reform, Texas Natural Resource Conservation Commission permit processing and contested case reform.
Equally important as TxOGA's legislative work is the Association's activity with the many regulatory agencies that affect the business of TxOGA members. Between the Railroad Commission, the Texas Natural Resource Conservation Commission and the General Land Office -- to name a few -- TxOGA's committees and staff maintain a constant watch to safeguard the interests of the Association's many members.
As with the Legislature, TxOGA's effectiveness in the regulatory arena is a testament to the relationships TxOGA has nurtured over the years and the Association's credibility in Austin. There is simply no substitute for that kind of practical experience and undisputed expertise.
'We are very proud to have been accepted as members of the TxOGA. Having been granted a seat on the TxOGA Policy Making Executive Committee will allow us to lend our voice to the collective expertise that creates policy and controls our industry. Membership allows us to network with industry leaders throughout the state and nation and stay up to date with pertinent state and federal developments, through various magazines, seminars, training groups, advisory bulletins and newsletters. It is imperative that we keep up to date with legislative updates, regulatory and bill analyses, as well as RRC and TNRCC updates and proposals. By joining the TxOGA we now not only have a means to voice our concerns and opinions but also a way to protect our and our stakeholders interests,' commented Ian Spowart, CEO of Liberty Energy Corp.
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.
ON BEHALF OF THE BOARD OF DIRECTORS,
Liberty Energy Corp.
Ian Spowart Chief Executive Officer
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