HOUSTON, May 7, 2013 /PRNewswire/ -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce the appointment of two industry veterans, Miles D Bender and William T Jones, to the executive leadership team. Mr. Bender will come on board as the new Chief Executive Officer, Director and Chairman of the Board of Directors, while William T Jones will serve as the Chief Operating Officer.
Mr. Bender has been involved in the energy business for twenty-nine years. He was a founder, President and CEO of National Energy Group, Inc. ("NEG"), which he took public and which he helped grow from startup to over $300 million in proved reserve value, revenues of $54.7 million and cash flow of over $30 million. NEG owned working interests in more than 1,000 wells of which the Company operated over 90% with just under 100 employees. Market capitalization of NEG grew to nearly $350 million. He led NEG with respect to the identification, negotiation, completion, and integration of some 16 acquisitions for NEG, over 25 during his career. He led NEG in completing a $120 million acquisition and raising $175 million in 1996 and an additional $65 million in 1997. During his career he raised over $350 million for various enterprises. NEG was later sold in 2006 to publicly traded SandRidge Energy. He was President of the Georgia Oil and Gas Association and a Director and member of the Executive Committee of the Independent Petroleum Association of America (IPAA).
Mr. Jones has been a licensed Petroleum Engineer for 40 years. In 2004, he formed Redmon Oil Company in Dallas, Texas. Prior to that, he was Chief Operating Officer and Principal of Lynx Production Company, Dallas, Texas, from 1999 to 2004. Mr. Jones joined National Energy Group, Inc. of Dallas, Texas, as Vice President, Production and Engineering in 1994 and was promoted to Senior Vice President, Operations in 1996. After receiving a B.S. degree in Petroleum Engineering from Mississippi State University in 1968, he began his career with Shell Oil Company in Houston, Texas. In 1973, Mr. Jones joined Tenneco Oil Company. After Tenneco Oil, Mr. Jones held various engineering and management positions with several independent oil companies in Dallas and Ft. Worth, Texas. From 1989 to 1991, he was Senior Petroleum Engineer for Snyder Oil Company in Fort Worth before moving to Abilene to become Chief Operating Officer of Ard Drilling Company from 1992 until 1994.
"We joined Liberty as a platform for our 'under the radar' acquisition strategy, targeting acquisitions within the exploration & production and oilfield services sectors," stated CEO Miles Bender.
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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 signed agreements to acquire leases and royalties in Texas, covering several leases with extensive potential for future development. Currently the company is targeting mergers & acquisitions within the E & P or oilfield services of the upstream oil & gas segment.
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,
Miles Bender, CEO & Chairman
Liberty Energy Corp
Liberty Energy Corp.
Two Allen Center
1200 Smith Street
Houston, TX 77002
SOURCE Liberty Energy Corp.