HOUSTON, Jan. 7, 2014 /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 announces that the Company has executed the Purchase And Sale
Agreement on the Archer County,
Texas producing oil & gas leases as well as it has
executed revised terms on the Baylor
County, Texas producing oil & gas leases.
"We are very pleased to move forward with securing our first two
producing assets and working aggressively to accelerate production
through the workover and infill drilling programs. These
acquisitions will set the platform for Liberty to continue its
aggressive mergers & acquisition program to bring more
production and proven reserves to our portfolio," stated, CEO
Arthur Roy.
As previously announced, the Archer
County lease covers 140 Acres with 21 oil wells and 2
injection wells. The lease has current production on average 6
Barrels Of Per Day (BOPD) from currently producing wells. The
Baylor County leases cover 1,100
Acres with 17 oil wells, 4 injection wells and has revised current
production of approximately 2 Barrels Of Per Day (BOPD) from
currently producing wells.
General terms for the Archer County,
Texas assets were announced on December 9th, 2013 and remain consistent to the
Purchase And Sale Agreement. The general terms for the Baylor County, Texas assets have been amended
after further due diligence to include primarily long term Seller
financing, a small portion of cash at closing and a reduced stock
allocation.
Subsequent agreements and related disclosures will be filed
through SEC filings and posted to Liberty's corporate website and
blog. http://www.libertyenergycorp.com/blog
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
Texas. 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:
Arthur Roy, CEO
Email: IR@LibertyEnergyCorp.com
Liberty Energy Corp.
2425 Fountain View Drive
Suite 300
Houston Texas 77057
Phone: 1-832-649-2652
Fax: 1-832-575-1051
Email: Info@LibertyEnergyCorp.com
Website: http://LibertyEnergyCorp.com
Twitter: https://twitter.com/LibertyEnergyCo
Facebook: http://facebook.com/LibertyEnergyCorp
SOURCE Liberty Energy Corp.