HOUSTON, Sept. 19, 2012 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") understands that Mexico is facing a growing shortage of natural gas as production expands at a tepid pace and demand continues to rise dramatically.
The Company understands that Petroleos Mexicanos (Pemex), Mexico's state-sponsored oil and gas monopoly, has begun cutting natural gas supplies to some of its largest customers by as much as 45 percent of their orders to cope with ballooning demand from households to steelmakers such as Ternium SA and ArcelorMittal.
Pemex has largely failed to tap into the country's abundant natural gas reserves, forcing it to quickly increase imports from the well-stocked U.S. in order to meet demand.
Sources confirm that the country's existing gas pipelines are operating around 95 percent, trying to cover the shortfall, but many businesses have been forced to work through outages that can last for hours at a time.
In response, two new gas pipelines are being rushed through planning that would connect central Mexico with Texas and Arizona, where plentiful gas supplies would welcome an outlet.
"The shortage of natural gas is affecting both companies and homeowners. We've heard that in some plants, gas supply has been reduced 40 percent to 45 percent of what was originally agreed. Liberty's decision to build an asset base in Texas, a stable economic and political arena, is set to bear fruit. We have noticed a rising demand for safe onshore projects around our operations sites. We are looking to fully develop our new leases as soon as possible and have plans to expand our acreage further in the not too distant future," commented Ian Spowart, CEO and President of Liberty Energy Corp. For more information on the activities of the Company, please see the Liberty Energy website www.energy-liberty.com/
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, Liberty owns twelve leases 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. 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