HOUSTON, Aug. 20, 2013 /PRNewswire/ -- Liberty Energy
Corp. (OTCQB: LBYE) ("Liberty" or "the Company") an independent oil
and gas company targeting onshore Texas oil conventional plays with a current
focus on the Fort Worth Basin,
today announced that the Company has executed a Letter Of Intent
(LOI) to acquire 1,100 Acres with 17 oil wells, 4 injection wells,
current production of 8 Barrels of Per
Day (BOPD) from operating wells with Working Interest 75% /
Net Revenue Interest 80% in an all restricted common stock
transaction.
Phase 1 development on the Baylor
County, Texas leases includes a workover of each of the 17
wells with expectations of 2.5-4 BOPD per well after workover. This
is based on recent activity, local area results and our operating
partners expertise. There are 4 phases planned to increase the
leases current production through workovers, radial jet horizontal
drilling, recompletions and new infill drilling.
The Baylor County Fields have historically produced many
opportunities with multiple pay zones in the target areas that
range from as shallow as 150 feet to over 2000 feet or more in
total depth. On these leases, two pay zones account for all
recorded production, the shallow gunsight sandstone from 1400-1500'
and the 2000' Cisco Sand. The leases are estimated to contain a
minimum of 10-15 multiple infill drilling locations with
expectations based on historical IP (initial production) rates of
between 20-30 BOPD.
Although the LOI allows for 60 days to complete the Purchase And
Sale Agreement (PSA), the Company has submitted a PSA draft for
review to close the transaction as quickly as possible, subject to
final due diligence and legal review. This acquisition is the first
of several that the Company intends to acquire within the
North Central Texas / Fort Worth Basin which contains numerous oil
and gas producing formations consisting of both conventional and
unconventional reservoirs. Some of the production trends in the
area include the Strawn,
Bend, Marble Falls, Barnett Shale, Chappel and Viola
formations.
"This type of acquisition will be the model for continued growth
for Liberty Energy Corp, offering both current production and
upside through development. We look forward to aggressively making
additional acquisitions to build up a nice portfolio of production
and development potential for years to come," stated, CEO
Arthur Roy.
ABOUT LIBERTY: Liberty Energy Corp. (OTCQB:LBYE) is an
Independent Oil and Gas Exploration and Production Company
dedicated to the sourcing and production of oil and gas onshore in
the United States. Headquartered
in Houston, Texas, the company has
acquired several leases with extensive potential for future
development.
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.
Contact:
David Sexton, Investor
Relations Executive
Tel: 1-832-708-3909
Email: IR@LibertyEnergyCorp.com
Liberty Energy Corp.
Two Allen Center
Suite 1600
1200 Smith Street
Houston, TX 77002
Tel: 1-713-353-4700
Fax: 1-713-353-4701
Email: Info@LibertyEnergyCorp.com
Website: http://LibertyEnergyCorp.com
Twitter: https://twitter.com/LibertyEnergyCo
Facebook: http://facebook.com/LibertyEnergyCorp
SOURCE Liberty Energy Corp.
