HOUSTON, March 9, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") announces the final phase of work to Dahlstrom #1 well, Texas, is progressing on schedule.
After evaluating a number of different options with various consultants, the company scheduled a cement squeeze to be performed on the well. This procedure is designed to plug the lower zones of the well with cement. The well is then re-perforated at a higher interval, isolating the higher productive perforation, and impedes any water from encroaching into the productive zone.
After arriving on location and holding a safety briefing, the crew rigged up, successfully washed out the wellbore, pumped 25 sacks of cement into the wellbore and perforations and shut the well in on the first day. The well was then shut in to allow the cement to set for a 24-hour period.
On day three the crew re-entered the well and discovered the cement had not set as efficiently as anticipated and so the decision was taken to drill out the cement and re-squeeze the well. The re-squeeze was completed by the end of the fourth day having drilled the well out to a depth of 4,697 feet and re-injected 50 sacks cement into the well and then shutting the well in with a backpressure of 1400psi.
Having left the well shut in for a further 24-hour period, the Company has confirmed the second squeeze has been successful and the crew are currently in the process of drilling out the cement in anticipation of re-perforating the well at a higher perforation which is anticipated to increase production and reduce the possibility of any water encroaching on the productive zone of the well.
"We are extremely pleased with the progress we are making on this well. It is not uncommon for squeeze jobs to be performed multiple times and we now know the lower perforations have been successfully sealed which will allow us to isolate the higher productive zone. The well has shown great signs of pressure and we are confident once the well has been re-perforated we will be able to produce the well at a higher rate. We will be providing further details and initial results shortly," said Ian Spowart President and CEO of Liberty Energy Corp.
For more information and pictures of the team at work on the Dahlstrom 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