Liberty Energy Corp. Executes Terms Of Joint Venture Drilling Program
HOUSTON, Feb. 10, 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 terms with a drilling service company based in Abilene, Texas to joint venture with its shallow drilling program in Baylor and Archer Counties.
The terms outlined called for participation in the forthcoming drilling program through operating the drilling program while participating in one third of the drilling and completed costs of each infill well on the leases that Liberty is acquiring. The drilling company has evaluated the opportunity and indicated their interest in participating in an aggressive drilling program in North Central Texas.
"We are very excited to welcome this drilling partner to participate in our drilling program on the producing oil & gas leases in Baylor and Archer Counties. Their confidence in the infill drilling locations supports our underlying thesis that these legacy fields provide an excellent low risk, consistent and multi-pay return on investment for our shareholders," stated CEO Arthur Roy.
Final details will be executed after the internal engineering review has been completed of these producing oil & gas leases. 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. Please read our full disclaimer: http://www.libertyenergycorp.com/contact/disclaimer/
Arthur Roy, CEO
Liberty Energy Corp.
2425 Fountain View Drive
Houston Texas 77057
SOURCE Liberty Energy Corp.