HOUSTON, Sept. 23, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to provide an update on its current operations in Caldwell County, Texas.
The Lockhart Northeast Project in Caldwell County consists of four land tracts containing eight wells (five re-entry wells and three shut-in wells) over two leases.
The company is in the process of re-entering 3 wells and drilling out 1 well on the lease. The four wells in question are located on 3 tracts of land known as the Alexander A, housing 1 re-entry well called the #2, the Alexander B, housing 2 shut-in wells called the #1 & #3 and the Anton, housing 1 shut in well called the Anton #1.
There are 4 main pay zones in this area that our wells could produce from, which are the Serpentine, Dale Lime, Austin Chalk & Buda. That being said, new field discoveries are possible in the Buda, Serpentine and Dale Lime on these leases based on logged but undeveloped shows. These are wells that have IP'd (Initial Production) at 200+ barrels of oil per day. Cumulative production from 3,000 to 10,000+ barrels of oil per well have been achieved. With the application of acid/fracture jobs and/or "far-out perforating" it is believed that the company would be able to increase production and possibly access undeveloped reservoirs that could produce at significantly higher daily rates and overall total production.
"We are extremely pleased with the progress made thus far. There is still plenty of work to be done, but we are optimistic following the initial results of the #1 & #3 wells on the Alexander B. We are working hard behind the scenes exploring the possibilities of new field discoveries. We still believe that if proven viable, this lease holds enough space to house a potential further 282 new wells," commented Ian Spowart, CEO of Liberty Energy Corp. For more information and pictures of the team at work on this and other activities of the Company, please see the Liberty Energy website: www.energy-liberty.com/projects/texas
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 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