HOUSTON, Oct. 7, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to provide a further progress report on the ongoing Phase 1 of its well re-entry program on its Lockhart Lease, Caldwell County, Texas.
The company has today confirmed its team has been working on the Lockhart Lease consistently for the past week. The team has been, in part, assisted by a contracted trucking company to help prepare the Alexander B Lease to flow the two wells to the onsite oil tanks.
This work has been particularly necessary for the #3 well, which will require bleeding prior to rigging and equipping due to the high amount of pressure in the well. The team plans to produce from the well until the pressure has bled down, and hope to be able to get a work-over rig onto the well by early next week to equip it.
Once work on the #3 well has been completed the team will move to the Anton Lease to equip the well on the site. The company has been in discussions with the landowners of both the Anton and Alexander leases to try and determine the most effective and efficient manner to access the wells in order to get the work-over completed in a timely fashion. The company has indicated that initial discussions with both landowners have gone well, and will be able to easily access both sites to complete the required work.
The company is still dedicating time to sourcing and installing equipment on the wells, which include gun barrels, pumping units and salt water tanks.
"We are extremely pleased with the continued efforts of our team, their hard work is really starting to show. The leases look great with the new equipment on site and we are looking forward to getting these wells producing very soon, particularly the #3 which looks to have great pressure and appears very promising," said Ian Spowart, President and CEO of Liberty Energy Corp. For more information and pictures of the team at work on the Lockhart project see the Liberty Energy website at www.energy-liberty.com/projects/texas/.
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 INVESTOR RELATIONS: 1-877-890-1650 email@example.com Two Allen Center Suite 1600 1200 Smith Street Houston TX 77002