Liberty Energy Announces New Acreage in Caldwell County, Texas
August 01 2012 - 9:00AM
Liberty Energy Corp. (OTCBB:LBYE)
("Liberty" or "the Company") announces further
details on its new Texas acreage.
The Company has recently secured an average 97.9% working
interest on over 626 acres in Caldwell, Texas.
The Company intends to target 3 main pay zones: the Dale Lime,
Austin Chalk and Edwards. New field discoveries based on logged but
undeveloped shows are also possible in the Salt Flat and Dale Lime
fields. With the application of acid/fracture jobs and/or 'far-out
perforating' it is believed that the Company could be able to
increase production and possibly access undeveloped reservoirs that
could produce at significantly higher daily rates and overall total
production.
Typically there is between 2 and 160 acre spacing for well
bores in this region. There are currently 385 operators (including
Eagle Ford Oil Co., Inc., Luling O&G LLC and Texas Petroleum
Investment Co.) and nearly 9,000 wells in Caldwell County.1 The
Salt Flat oil field, (where the Company's 106 acre lease lies) in
Caldwell County, is on a fault structure about 20 miles southeast
of the main Balcones fault. The area is drained by the San Marcos
River2, and the main producing formation is the Edwards limestone
of the Comanchean Cretaceous. The field is 7.5 miles long and
averages about 0.5 mile wide. To date the field has produced over
34 million barrels of oil from a total of around 350 wells.2 It is
further estimated that ultimate recovery will be approximately
30,000 barrels of oil per acre.3
There is an old assumption that only the top five (5) feet of
the Edwards is productive. However, new field information suggests
that there are different producing intervals in the Edwards
formation. These intervals are not separated by the normal shale
intervals found in other producing formations, but are rather
separated by chert layers in the limestone of the Edwards which
reduce the permeability to zero. This raises a number of
possibilities and traps for production from lower zones in the
Edwards.4
The Dale conformably overlies the Austin Chalk and is considered
to be part of the Austin Group. The Dale Limestone, recognized in
the Travis volcanic field east of Austin, is associated more
closely with individual volcanic mounds. Dale carbonates are at
several stratigraphic horizons on the flanks of mounds, reflecting
alternating conditions of volcanism and reef growth. The Dale has
reported thicknesses of as much as 423 ft and a mean thickness of
about 58 ft.5
"We are pleased to announce even more acreage into our Caldwell
County and Texas portfolio; we are currently in the process of
determining how best to explore this exciting lease and will
provide further updates as soon as possible," commented Ian
Spowart, CEO of Liberty Energy Corp. For more information on the
Caldwell Project see the Liberty Energy website at
www.energy-liberty.com/projects/.
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, Liberty owns twelve leases 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. 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
References
- http://www.oginfo.com/
- USGS Geological Survey Bulletin 845 – extract
- Salt Flat Oil Field, Caldwell County, Texas
L. F. McCollum, C.
J. Cunningham, S. O. Burford
AAPG Bulletin
Volume 14, Issue 11.
(November), Pages 1401 - 1423 (1930)
- Edwards Lime Potential - Geological Report, A Alf.
- 2003 Geologic Assessment of Undiscovered Conventional Oil and
Gas Resources in the Upper Cretaceous Navarro and Taylor Groups,
Western Gulf Province, Texas
CONTACT: Liberty Energy Corp.
Two Allen Center
Suite 1600
1200 Smith Street
Houston
TX 77002
Tel: 713-353-4700
Fax: 713-353-4701
Email: info@energy-liberty.com
Website: www.energy-liberty.com
Facebook: www.facebook.com/LibertyEnergyCorp
INVESTOR RELATIONS:
Toll Free: 1-877-890-1650
Email: ir@energy-liberty.com
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