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 firstname.lastname@example.org 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
1200 Smith Street
Houston, TX 77002
SOURCE Liberty Energy Corp.