HOUSTON, Feb. 24, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") announces scheduling of final phase of work to be completed on the Dahlstrom #1 well, Texas.
The company can confirm final work on the well is scheduled to commence in the coming week. The scheduled work aims to finalize an initial work over program on the well which took place late in 2010. When the initial work began pressure was low due to suspected sandlocks, however, upon completion of the work production well pressure stabilized at around 1650PSI.
The company previously confirmed that initial production following the re-entry had been three times higher than the level of production prior to the work. The company has been monitoring the well continuously, and has noticed small quantities of water in the well which has been affecting production. In response soap sticks were initially deposited in the well which reduce the hydrostatic weight of the water in the well, allowing the gas to rise to the surface and be produced.
After evaluating a number of different options with various consultants, the company has scheduled a cement squeeze to be performed on the well. This procedure is designed to plug the lower zones of the well with cement. The well is then re-perforated at a higher interval, isolating the higher productive perforation, and blocking the water from encroaching into the productive zone.
"This well has undergone a significant amount of testing over the past few weeks, and we now have a very good understanding of the well and its potential. The cement squeeze will allow us to isolate the higher productive zone, thereby allowing for the production of gas at a higher rate while keeping any encroaching water out and maintaining a higher level of pressure. This relatively inexpensive work should allow us to increase production significantly above originally forecasted levels and potentially reduce overheads, as the generator currently on site may be surplus to our requirements," said Ian Spowart President and CEO of Liberty Energy Corp.
For more information and pictures of the team at work on the Dahlstrom 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 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. Two Allen Center Suite 1600 1200 Smith Street Houston TX 77002 Tel: 713-353-4700 Fax: 713-353-4701