HOUSTON, Nov. 4, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to provide a further positive progress report on the ongoing work-over program 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 & #3 and the Anton, housing 1 shut in well called the Anton #1.
The Company confirmed on October 25 they had drilled through the 2nd plug from the surface down to about 300'. The Company then confirmed on October 28 the 2nd plug had been reached at around 1481'. The well then had to be shut in overnight due to adverse weather conditions. Drilling continued the following day and the crew successfully drilled through the 1st plug and proceeded to drill through the cast iron bridge plug. The crew confirmed they received oil and gas shows throughout the day.
The team have been working hard and the cast iron bridge has claimed three drill bits but good progress has been made and the Company has confirmed they have now reached a depth of around 1830' which is expected to be the end of the casing. The crew anticipates making good progress here on in and has received several returns containing oil in addition to several gas blows.
"The well has been showing even greater signs of future production this week and we are still ahead of schedule at this stage. We are looking forward to getting this well into production as soon as possible and generating another revenue stream for the company. We are expecting to complete Phase 1 of the project in the coming weeks and have been revisiting the original work-over plans with our partners. We have now updated our scheduling charts in anticipation of the commencement of Phase 2 of the work-over," 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 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