HOUSTON, March 2, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") announces executing a memorandum of understanding to acquire new acreage in both Caldwell and Travis Counties, Texas.
The Company is pleased to announce that it has signed a memorandum of understanding to acquire an estimated 400 acres in Caldwell and Travis Counties. The Company intends to conduct further geological and geophysical surveys to complete the plan of development for this project.
The Lower Cretaceous Reef Prospect that the Company proposes to acquire, had one well, which is currently plugged, drilled into the reef complex in the 1950's. At that time, it showed excellent thickness, porosity and permeability. Hydrocarbon indications in the upper portion of the reef demonstrate that oil stains are contained within sidewall core. Geophysical surveys further indicate an early Cretaceous shelf edge on which the reef was originally formed. The Company intends to drill on the shelf edge in the optimum 'reef forming' environment to maximize the potential of this prospect.
"We are extremely excited to announce this memorandum of understanding and, once our due diligence is complete, we will provide further information on the work plan required to bring this project online. This new prospect strengthens our commitment to secure Texan assets and ties in with our aggressive growth program of continued investment in safe onshore projects that grow shareholder value and increase revenues," 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