HOUSTON, Oct. 5, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) "Liberty" or "the Company") is pleased to provide a positive operational update on the Dahlstrom #1 well re-entry program.
The company can confirm the well has been producing since the work over which commenced in late August 2010. When work began pressure was low due to suspected sandlocks, however, upon completion of the work the wells pressure stabilized at around 1650PSI.
The company has confirmed that initial production following the re-entry has been three times higher than the level of production prior to the work. The pressure has been so high that the well has been producing despite all the valves being turned off which is strictly due to the amount of down-hole pressure. As a result of this pressure gas has been able to force its way through each one of the valves all the way down the flow line to the gas gatherer's meter.
The company has been monitoring the well continuously, and has noticed water in the well which has been affecting production. In response soap sticks have been deposited in the well, these reduce the hydrostatic weight of the water in the well allowing the gas to rise to the surface.
The company is now evaluating a number of different options to further increase production.
"We are pleased with the initial results of the well and are working hard to solve this matter. We are still confident of being able to increase production by a further 3 to 4 times with the installation of either a soap launcher or compressor. At this time we are working with consultants for the most cost effective solution and are extremely pleased with the teams efforts," 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 signed agreements to acquire 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 acquired 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