HOUSTON, Dec. 9, 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 terms on the
acquisition of producing oil & gas leases in Archer County, Texas.
The Archer County lease covers
140 Acres with 21 oil wells and 2 injection wells. The
lease has current production of a range of 8-10 Barrels of
Per Day (BOPD) from currently
producing wells. The wells are currently producing from 1,400-1,500
foot pay zones and new logs show potential additional zones up
hole. This lease has rights to all depths which include
Cisco, Thomas, Gunsight Sands, Milham Sands and KMA Sands. The
lease currently has a 100% Working Interest and 80% Net Revenue
Interest.
The Purchase and Sale Agreement will be filed in an upcoming 8k
outlining the terms and conditions of the transaction. In general
terms, Liberty has agreed to pay $100,000 cash plus $300,000 worth of restricted stock with an
extended leak out. Sellers will retain a minority carried interest
in workover and infill drilling wells subject to a Before Pay Out
return to Liberty of 125% of capital invested.
Liberty will immediately accelerate an aggressive work over
program to improve production from the current wells on the lease
while engineering an infill drilling program to maximize reserve
recovery and access additional pay zones. Workovers have already
been initiated on the leases by the seller and updates on improved
production will be released in subsequent announcements. These
workovers will typically improve production to 2-3 BOPD and new
drills have historically been completed doing 15-20 BOPD.
"Consistent with our mandates to acquire production with upside
in the North Central counties of
Texas, we are very pleased to
execute terms for the acquisition of this Archer County lease. We are eager to
accelerate the development program in progress on this lease as
well as execute additional acquisitions in Baylor, Wichita, Jack
and Young counties," 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
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.
