HOUSTON, Feb. 28, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce a further draw-down from its equity financing agreement.
The Company has received the draw-down under the terms of its equity investment agreement that does not include any debt financing and facilitates funding of up to $8,000,000.
The funds have been drawn to support the final phase of work on the Dahlstrom #1 well, Texas, in addition to ongoing operational activities.
The Company announced that after evaluating a number of different options with various consultants, it has scheduled a cement squeeze to be performed on the Dahlstrom #1 well. This procedure is designed to plug the lower zones of the well with cement. The well is then re-perforated at a higher interval, isolating the higher productive perforation, and blocking any water from encroaching into the productive zone.
"We are delighted to have the continued support and financial backing of our investors. These additional funds have allowed us to implement the final phase of work to the Dahlstrom #1 well. We believe that this well should perform significantly above originally forecasted levels once the work has been completed and will positively contribute towards overheads and operating expenses. With the continued support of the financing agreement, we hope to proceed with developing new and existing assets whilst maintaining zero debt on our balance sheet," commented Daniel Martinez-Atkinson, CFO 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 signed agreements to acquire 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 acquired 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