HOUSTON, May 17, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") announces the completion of the final phase of work to Dahlstrom #1 well, Texas.
After carefully evaluating a number of different options with various consultants, the company scheduled a cement squeeze to be performed on the well. This procedure was designed to plug the lower zones of the well with cement. The well was then re-perforated at a higher interval, thus isolating the higher productive perforation, in order to impede any water from encroaching into the productive zone.
After completing the squeeze, the Company re-perforated the well at a higher perforation to produce from the well and also reduce the possibility of any water encroaching on the productive zone of the well. After perforating the well it became apparent that further perforations were required. The Company arranged for this work to be performed last week. The additional perforations were successful, and the Company has today confirmed the well is expected to go online this week.
"We are extremely pleased to have completed this work on this gas well. We are confident that we have now successfully sealed the lower perforations and isolated the higher productive zone. The well has been venting gas and there have been no signs of sand or water. We are confident production rates will exceed expectations providing a consistent positive cashflow to the Company. We will be providing initial production results shortly." 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 .
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 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