HOUSTON, Aug. 9, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company"), an independent oil and gas exploration company, is pleased to announce that the company has been granted eligibility status by the Depository Trust Company (DTC).
"Securities not DTC eligible are often not accepted for trading at many institutions or simply restricted from being traded on a daily basis due to the amount of paperwork or manpower required to place and execute trades," stated Liberty Energy Corp. Chief Financial Officer, Daniel Martinez-Atkinson. "Becoming DTC eligible resolves these issues and is a crucial step in increasing our exposure and attracting new investors to our company."
Depository Trust Company (DTC) is a member of the U.S. Federal Reserve System, a limited-purpose trust company under New York State banking law and a registered clearing agency with the Securities and Exchange Commission. The depository brings efficiency to the securities industry by retaining custody of some two million securities issues, effectively "dematerializing" most of them so that they exist only as electronic files rather than as countless pieces of paper. The DTC also provides clearing, settlement and information services for equity securities, corporate and municipal bonds, government and mortgage backed securities, money market instruments and over-the-counter derivatives for over 3.5 million securities issuers from the United States and 110 other countries and territories.
"We are extremely pleased that our common stock is now DTC eligible. This will simplify the process by which our shares can be traded or exchanged through brokers of our investors' choice, thereby offering investors easy access to trades and therefore improved liquidity," said Ian Spowart, Chief Executive Officer 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 signed agreements to acquire 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 acquired 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