HOUSTON, Sept. 8, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) "Liberty" or "the Company") is pleased to announce that it has entered into a multi phased well re-entry program on its Lockhart Lease, Caldwell County, Texas.
The Lockhart Northeast Project in Caldwell County consists of four land tracts containing eight wells (five re-entry wells and three shut-in wells) over two leases. The lease is located over roughly 848 acres and if proven viable holds enough space to house a potential further 282 new wells.
During phase one of the five-stage work-over, the company intends to re-enter (3) wells and the drill out (1) well on the lease. The four wells in question are located on 3 tracts of land know as the Alexander A, housing (1) re-entry well called the #2, the Alexander B, housing 2 shut-in wells called the #1 & #3 and the Anton, housing (1) shut in well called the Anton #1.
The work will enable the company to have (4) wells in production as well as hold the leases by production. Initial work will be followed by a detailed evaluation of the possibility of developing the lease to its full potential.
The company believes it should be able to get a considerable amount of production from the (3) shut-in wells, primarily by swabbing each well, repeatedly if necessary. Furthermore, with the application of acid/fracture jobs and/or far-out perforating (new completion technology) it is projected that the company will be able to increase production and possibly access undeveloped reservoirs that could produce at significant daily rates and overall total production. The company would hope to follow on with a full property development plan, drilling new wells up to a possible 282 wells.
"We are very optimistic about the potential of these leases and are currently seeing several companies tying up several thousand acres around our lease. On our initial visit, the wells to be equipped had oil bubbling out of the top of the cap on the casing, which is a great indication of potential production. Our team on the ground informed us that upon opening the valves, the wells were producing barrels of oil within a few minutes. We are hoping to obtain some instant production, and our intention is to use revenues from these existing wells to proceed with developing the field," 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 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 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
CONTACT: Liberty Energy Corp. 713-353-4700 Fax: 713-353-4701 firstname.lastname@example.org Two Allen Center Suite 1600 1200 Smith Street Houston, TX 77002