HOUSTON, March 14, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce plans to drill a new well on the Alexander A Lease, Lockhart, Texas.
The Company is delighted with the progress made on the Lockhart lease, and after considering multiple options, have announced plans to further develop the asset by drilling a new test well that will specifically target the Edwards shale play.
Works carried out on the primary 3 wells in addition to further testing and discussions with various consultants has improved the Company's understanding of the lease and its potential.
The Edwards limestone formation underlies the Eagle Ford Shale and Austin Chalk formations, which the Company is currently producing from. The Edwards is considered by geologists to be the original source of hydrocarbons that are now found in the Eagle Ford Shale and Austin Chalk above it.
"We are excited by our plans to drill a new well that will specifically target the Edwards to test the potential for production from this zone. Geological reports based on geological, offset and historical data suggest that each vertical well drilled could produce 40,000 to 50,000 bbls, and each horizontal well 250,000 to 300,000 bbls. We are still working with consultants to determine the best approach for our Company. We believe a maximum of 60 wells should be sufficient to fully exploit the play. We expect to be able to provide further details shortly," 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 US fuel reserves while seeking out further opportunities for the global energy markets.
Certain statements in this press release, specifically statements relating to plans for drilling new wells on the Company's Lockhart leases and the potential production of such wellsare 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 Email:firstname.lastname@example.org INVESTOR RELATIONS: Toll Free:1-877-890-1650 Email:email@example.com