HOUSTON, Sept. 16, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to provide a progress report on the ongoing Phase 1 of its well re-entry program on its Lockhart Lease, Caldwell County, Texas.
The company announced the well re-entry on September 8, 2010. The first phase of the five-stage work-over included re-entering 3 wells and the drilling out of 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.
Heavy rain in Central and South Texas delayed work, as the operations team could not get onto location. The adverse weather halted work for three days and the company has successfully re-scheduled the rigs for the remaining three wells to be equipped.
The company is taking measures to improve well access routes and can confirm the necessary work will be completed shortly, allowing full, uninterrupted access to all the wells.
The company will shortly begin trenching the flowlines on the Alexander B Lease and once completed, will build the firewall around the tanks. Repairs to existing tanks have been scheduled in addition to shredding and clearing on the Alexander A Lease, which will enable the rig and crew access to the well.
The work will enable the company to have 4 wells in production as well as holding the leases by production on this Phase 1 of the project. Initial work will be followed by a detailed evaluation of the possibility of developing the lease to its full potential.
"The work currently being done is necessary and we are very pleased with how the work is progressing. The team is working well, and with the improvements to the access routes we are confident we will be able to complete Phase 1 of the project soon. This should allow for consistent production going forward. We believe these wells will provide us with instant production, and our intention remains 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 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. 713-353-4700 email@example.com INVESTOR RELATIONS: 1-877-890-1650 firstname.lastname@example.org Fax: 713-353-4701 Two Allen Center Suite 1600 1200 Smith Street Houston TX 77002