HOUSTON, Sept. 21, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce the draw-down of $75,000 from the recently executed equity financing agreement.
The Company has received the draw-down under the terms of the 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 implementation of the first stage of a multi-phase work program on the Lockhart Lease and will bring the total of external investment this year to $575,000.
The Lockhart Northeast Project in Caldwell County houses two leases. These leases consist of four land tracts containing eight wells (five re-entry wells and three shut-in wells). The site is spread over roughly 848 acres and holds enough space to house a potential further 282 new wells.
There are four main pay zones in this area that the wells could produce from; these are the Serpentine, Dale Lime, Austin Chalk & Buda. That being said, it is believed that new field discoveries are possible in the Buda, Serpentine and Dale Lime on these leases based on logged but undeveloped shows.
"We are pleased with the way things are progressing on our work program. These additional funds will allow us to continue implementing stage one of our aggressive multi-phase work program on our Lockhart Lease. We are very excited by the initial results of the work and believe these wells will provide us with instant, sustained production that will cover overheads and operating expenditures. With the continued support of the financing agreement we hope to proceed with developing the rest of filed 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 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 email@example.com Investor Relations: 1-877-890-1650 firstname.lastname@example.org Two Allen Center Suite 1600 1200 Smith Street Houston, TX 77002