HOUSTON, Sept. 7, 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") announced that work has started on the Dahlstrom #1 located on 58 Acres in Jackson County, Texas.
The company announced the well re-entry on August 19, 2010. The intention of the re-entry was to perforate the intervals with potentially productive sands, and increase the level of production of natural gas. It was expected the proposed re-entering of the Dahlstrom #1 well would reduce the hydrostatic weight of the water in the well, which in turn could lead to production increases of ten to fifteen times the level of output achieved at the time of the announcement.
When work began pressure was low due to suspected sandlocks (build up of sand in the tubing), however, upon completion of the initial work, the well had 600PSI and finally rose to 1625PSI. The Company estimated about 30+ barrels of sand were removed from the well, which had been about 12 inches thick all along the bottom of the open top tank.
The Company reported a total of 17 sandlocks at differing depths in the tubing, which inevitably caused the partial blockage in the well.
"The results of the initial work looks great; once completed, all indications lead us to believe we could have a new well on our hands that could produce ten to fifteen times the level of output previously achieved. We further believed there could be the opportunity to further develop the acreage by drilling new wells," 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 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
CONTACT: Liberty Energy Corp. 713-353-4700 Fax: 713-353-4701 info@energy-liberty.com Investor Relations: 1-877-890-1650 ir@energy-liberty.com Two Allen Center Suite 1600 1200 Smith Street Houston, TX 77002
