HOUSTON, June 1, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") announces further improvements to the Dahlstrom well, Texas.
Having made further perforations to the well last week, the company can confirm initial testing suggested a calculated production flow increase of between eight to ten times to that achieved prior to the well re-entry.
However, having produced the well for only a relatively short period of time, the Company encountered other formation material in the well, which subsequently caused the well to bridge over and hinder sustained production.
After an evaluation of the wellbore by the Company and experienced downhole and production experts, the conclusion was reached that it would be beneficial to mitigate the encroachment of formation material by means of a screen over the perforation as well as adding further perforations to the productive zone. While running the screen, packer and tubing in the hole, the well kept attempting to produce. Due to the increasing pressure building on the well, it was necessary to load the well with additional fluids to hold the pressure down for the work to be successfully accomplished. Once completed, it became clear that the well would require swabbing to disperse the additional fluids, which had been loaded into the well.
"Whilst we could have produced the well without this additional work, we are confident the extra effort will lead to increased, consistent production in addition to ensuring the longevity of the well. The sustained pressure on this well throughout the work-over has astounded third party experts, and we are all excited to see what this well is capable of having seen the impressive initial production results. We will be providing further 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 www.energy-liberty.com/projects/dahlstrom/
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