HOUSTON, Oct. 21, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is delighted by the Bulgarian Government's support to develop its natural gas deposits near the Company's Deventci-R1 discovery well situated on the A-Lovech exploration block near Sofia.
The Bulgarian Government has recently announced natural gas prices have risen for a third consecutive quarter and by 25 percent this year. Such a rise has been anticipated due to higher costs of Russian imports and a stronger dollar.1
The increase in gas price has directly affected politically-sensitive heating prices. Power and heating bills, especially in winter, eat up a large part of Bulgarians' wages and pensions which remain well below those in western Europe.2
In response to these rises the Bulgarian Government gave the go-ahead for the exploration of oil and natural gas reserves in the northeastern Bulgarian region of Provadia earlier this year. The parcel in question amounts to an area of 1787 sq km and approval for research was granted over three years at a total cost exceeding 14.5 million euro.3
In August of this year, the Bulgarian Economy Minister, Traicho Traikov, was quoted saying, "About 250-300 million cubic meters of natural gas will be extracted from the deposit annually - about 10 percent of Bulgaria's total consumption." It is estimated that this, in addition to two deposits nearby, hold a total three billion cubic meters of natural gas.4
Bulgaria currently imports the majority of its gas from Russia, which has a certain stranglehold on the country. It appears as though the Bulgarian government is trying to reduce its dependency by granting concessions, facilitating exploration and drilling projects in the north of the country where there are vast deposits of natural gas.
"We are encouraged by the Bulgarian Government's intentions and dedication to exploring the natural gas reserves in the north of the country. Our interest in Bulgaria lies in overriding royalty rights to a proven multi-billion cubic feet of natural gas property in the North-West of the country. We feel positive that our interest in Bulgaria represents a good basis for our Company's development and will ultimately grow in value. Furthermore, our interest in this scale of project in Bulgaria really underlines Liberty's commitment to exploring some of the world's richest and most under-exploited resources," commented Ian Spowart, CEO and President of Liberty Energy Corp. For more information on the activities of the Company, please see the Liberty Energy website www.energy-liberty.com/
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 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