updated 3/16/2011 9:18:27 AM ET 2011-03-16T13:18:27

HOUSTON, March 16, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") announces that they have extended their equity financing agreement with Asia-Pacific Capital Ltd (APC) to $8,000,000.

The Company signed a $4,000,000 financing agreement with APC in July 2010. The agreement included the option to secure a further $4,000,000, bringing the total value of the deal to $8,000,000 in equity investment over a maximum term of four years. The Company has announced it had exercised its option to extend the debt-free, secured equity financing to the full $8,000,000.

APC has agreed to the additional funding in an effort to further the Company's ever increasing expansion and aggressive growth plan. The funds will be used primarily for drilling, development and other operating expenses.

Under the terms of the agreement, the Company shall issue units of the Company's stock at Unit Price. The unit price means a price equal to the higher of either $ 0.50, or 90% of the volume-weighted average of the closing price of Common Stock, for the five days immediately preceding the date of the Notice. Each unit shall consist of one share (restricted) of the common stock of the Company and one and a half share purchase warrant. Each Warrant shall entitle the Subscriber to purchase one additional share of Common Stock, at an exercise price equal to 125% of the Unit Price at which the Unit containing the Warrant being exercised was issued, for a period of three (3) years from the date such Warrant is issued.

"We are extremely pleased to have extended our secured equity investment. We are very fortunate not to have any debt obligations, or debt financing, and to have a strategic partner that shares our aspirations. We believe this news is a result of the progress we have made to date with our existing operations, as APC has been pleased with our recent growth and level of investment in new assets, and the development of those assets. We are currently in negotiation with various parties to secure new prospects, and this extended line of financing will allow us to secure and fully develop those assets in addition to providing us with sufficient capital for our long term needs," stated Daniel Martinez-Atkinson, Chief Financial Officer 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

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.97%
$30K home equity loan FICO 5.23%
$75K home equity loan FICO 4.66%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.28%
13.21%
Cash Back Cards 17.73%
17.70%
Rewards Cards 17.00%
16.96%
Source: Bankrate.com