HOUSTON, Dec. 22, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is extremely pleased to announce completion and production of 3 worked-over wells on its Lockhart lease.
The Company initially announced its well re-entry program in September, 2010. Over the past several months the Company has been making consistent progress on its multi-phased well re-entry program on the lease. The first phase of the five-stage work-over has 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 and #3 and the Anton, housing 1 shut in well called the Anton #1.
The Company is now extremely pleased to confirm that 3 wells located on the Alexander A and B have been successfully worked-over, fully equipped and are now producing. The Company has spent the last week finalizing work to the general site which included installing new motors on the wells, running 50' of overhead lines to a well and installing a meter on the Alexander A well.
"We are delighted with the progress on the lease and to have three wells in production. The revenues generated from these wells will be greatly welcomed and will help cover overheads in addition to funding new projects. We are currently considering various options to further improve this asset and plan to move ahead with further drilling and development imminently. Our options for this lease at the moment include drilling the Alexander A #2 well down to target depth to produce from the prolific Edwards shale play, re-enter another well and drill down to target depth or alternatively drill a new well to target depth. We are considering all options available while also looking at potential new projects. It is crucial we invest wisely in order to grow shareholder value and increase revenues," commented Ian Spowart, 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 .
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 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 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 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