HOUSTON, Nov. 8, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to provide a further progress report on its Lockhart Lease, Caldwell County, Texas.
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 and #3, and the Anton, housing 1 shut in well called the Anton #1.
Alexander B
The Company's lease crew has dug the firewall around the tanks and has begun erecting an enclosing fence around the tanks. Commercial Electric have been on location this week to replace two electricity poles and run an overhead power line which has been down for some time. Commercial Electric have also added meters and timers to each of the two wells and a trench has been dug from the closest poles to the wells in preparation for production. The Company will be verifying and testing the work performed by Commercial Electrical this week and anticipates having both wells producing by the end of the week.
Alexander A
Work on the Alexander A #2 is running three days behind schedule due to the unexpected breakage of two drill bits while drilling through the cast iron bridge. The Company has confirmed progress was made on Friday (5 November 2010) afternoon by adding more weight with additional drill collars and the crew progressed, slowly, to about 10' on Friday. The team will recommence today with the mill to determine that no metal shavings are being received before reverting back to a drill bit. The team are currently at a depth of 1845' and expected the cast iron bridge to reach a depth of around 1830'. The crew anticipate drilling through the cast iron bridge very shortly and are confident of making good progress here on in.
"Work has been a little slower than expected on the Alexander A #2 this week due to the cast iron bridge but we are extremely excited to have a power supply to the Alexander B #1 and #3 wells. We expect to have the #1 and #3 wells producing by the end of the week that will generate another positive revenue stream for the company. Overall we are pleased with the progress made and we will be working hard to get back on schedule," commented Ian Spowart, CEO of Liberty Energy Corp. For more information and pictures of the team at work on the Lockhart project see the Liberty Energy website at 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 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