HOUSTON, Aug. 6, 2013 /PRNewswire/ -- Liberty Energy
Corp. (OTCQB: LBYE) ("Liberty" or "the Company") is pleased to
announce the launch of its oil & gas acquisition program.
Interim management has been aggressively exploring opportunities
within the exploration & production (E & P) or oilfield
services segments over the last couple of months. After
exploring a number of opportunities, current management and pending
new appointments related to incoming assets are now ready to launch
an acquisition program focused exclusively on oil and gas
production with upside in the State of
Texas.
There are currently several oil & gas interests with
existing production that the Company intends to acquire and
develop. These properties are located in Texas and have upside potential through
workovers, recompletions or infield drilling. The Company will
announce actionable Letter Of Intent Agreements and Purchase And
Sale Agreements through press announcements as they are executed.
In conjunction with this mandate additional management will be
appointed as acquisitions have materialized.
Public equity investor, Petro Fund I, Inc. has made the initial
investment into LBYE under an Agreement between LBYE and
Petro Fund 1, Inc. which calls for up to $3.5mm in financing to support the
acquisition program. The investment was made based on a
restricted private placement of $0.0783 per share for a total of 548,921 shares
of restricted common stock for $43,000 cash.
This resulted in the complete payoff of all the notes between
the company and Asher Enterprises Inc. (Asher) with conversion
rights in 2013. A lesser note remains, that was a result of LBYE
negotiating the termination of the Right Of First Refusal (ROFR)
restricting LBYE from exploring new investment structures thus
eliminating the stock dilution risk associated with the notes. This
was an important step in the company's ongoing efforts to execute
its acquisition program.
"We are impressed with the effort made by management to get
their filings done, audit completed and payoff the remaining
notes. We look forward to continued investment and we are excited
to support the upcoming acquisitions with the focus on oil and gas
production with potential upside," stated President of Petro Fund
1, Inc., John Nobile.
Please contact David Sexton
directly at 1-832-708-3909 or email info@energy-liberty.com to
request additional information and ongoing updates.
ABOUT LIBERTY: Liberty Energy Corp. (OTCBB: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.
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@energy-liberty.com
Website:www.energy-liberty.com
Facebook:www.facebook.com/LibertyEnergyCorp
INVESTOR RELATIONS:
David Sexton
Tel: 1-832-708-3909
Email: info@energy-liberty.com
SOURCE Liberty Energy Corp.
