HOUSTON, Jan. 19, 2012 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce that the Peshtene R-11 well in Bulgaria has been successfully drilled to its total depth of 3,190 meters, under the farm-in agreement with TransAtlantic Worldwide Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Ltd.
The Company can confirm the Peshtene R-11 well ("Peshtene"), located on the A-Lovech exploration license, targeted the Middle Jurassic age Etropole formation. Peshtene was successfully drilled in a total of 56 days to a depth of 3190 meters, including 354 meters of Etropole argillite. Numerous gas shows were recorded in the argillite, consisting of methane, ethane and propane (C1, C2, and C3). Over 289 metres of the Jurassic age Etropole and Ozirovo whole core has been taken from the well. The Ozirovo formation produces nearby in the Chiren Gas Field and in TransAtlantic's Deventci R1 discovery well, 36 kilometers to the east.1
The operators have confirmed that petrophysical analysis of the Etropole formation indicates net pay of 114 meters, with an average porosity of 6% and water saturation of 48%. Comprehensive core analysis by Core Laboratories is expected to be completed in the first quarter of 2012.1 The core data from the Etropole argillite and Ozirovo carbonate will be evaluated for reservoir rock properties, geochemical analysis, and rock mechanics. The results of the core and well log analysis will help to design and plan the future completion procedure for the well.2 Peshtene is scheduled to be completed and tested in Q2, 2012. Based on the data recovered to date, Direct Petroleum Bulgaria EOOD ("Direct Bulgaria"), has applied to the government of Bulgaria for a Production Concession (the "Stefanetz Concession"). The Stefanetz Concession is expected to cover an area up to 1,600 square kilometers (395,000 acres) for a term of up to 35 years.1 TransAtlantic also plans to complete the Deventci R-2 well later this year.
"We are excited to have learned about the positive gas shows in the Argilite, and the data obtained in the Peshtene. We look forward to receiving more results, followed by plans from the operators to fully develop this field. Our ORRI in this scale of project in Bulgaria really underlines Liberty's commitment to exploring some of the world's richest and most under-exploited resources, while having no further cost to the company and our shareholders. This ORRI, combined with our activity in Texas, hopefully underscores our low risk strategy to further grow Liberty, with the intent of becoming a major player within the onshore oil and gas arena," commented Ian Spowart, CEO of Liberty Energy Corp.
As a result of this most recent update, the Company has decided to devote resources to search for potential assets in Bulgaria and the surrounding European regions with a view to engaging in similar low risk opportunities.
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
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