HOUSTON, April 5, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") reiterates the potential of Oil and Gas production in the existing proven fields in U.S.
It has recently been reported that a number of Oil and Gas exploration companies are selling international assets to generate funds to focus their attentions on North American onshore assets.
A report requested by President Obama, and released by the Department of the Interior shows that more than two-thirds of offshore leases in the Gulf of Mexico and more than half of onshore leases on federal lands remain idle, neither under active exploration and development nor producing.
A representative for the Department of Interior recently stated: "We continue to support safe and responsible domestic energy production, and as this report shows millions of acres that have already been leased to industry for oil and gas productions sit idle, these are resources that belong to the American people, and they expect those supplies to be developed in a timely and responsible manner and with a fair return to taxpayers. As we continue to offer new areas onshore and offshore for leasing, as we have done over the last two years, we will also be exploring ways to provide incentives to companies to bring production online quickly and safely."
According to the report, approximately 57 percent of all onshore leased acres are inactive. That means that out of a total of over 38 million leased onshore acres, almost 22 million leased onshore acres are not being used. The Department is currently exploring policy options to provide companies with additional incentives for more rapid development of oil and gas resources from existing and future leases.
"Our recent success with the work-overs on our current leases has led to an overabundance of opportunities, and this success will allow us to optimize value for our shareholders. We do not believe that the value of our high-quality assets is being adequately reflected in our stock price. We believe we are now uniquely positioned to deliver high organic growth on a sustainable basis," commented Ian Spowart, CEO and President of Liberty Energy Corp.
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