HOUSTON, Jan. 7, 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 the Purchase And Sale Agreement on the Archer County, Texas producing oil & gas leases as well as it has executed revised terms on the Baylor County, Texas producing oil & gas leases.
"We are very pleased to move forward with securing our first two producing assets and working aggressively to accelerate production through the workover and infill drilling programs. These acquisitions will set the platform for Liberty to continue its aggressive mergers & acquisition program to bring more production and proven reserves to our portfolio," stated, CEO Arthur Roy.
As previously announced, the Archer County lease covers 140 Acres with 21 oil wells and 2 injection wells. The lease has current production on average 6 Barrels Of Per Day (BOPD) from currently producing wells. The Baylor County leases cover 1,100 Acres with 17 oil wells, 4 injection wells and has revised current production of approximately 2 Barrels Of Per Day (BOPD) from currently producing wells.
General terms for the Archer County, Texas assets were announced on December 9th, 2013 and remain consistent to the Purchase And Sale Agreement. The general terms for the Baylor County, Texas assets have been amended after further due diligence to include primarily long term Seller financing, a small portion of cash at closing and a reduced stock allocation.
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.
Arthur Roy, CEO
Liberty Energy Corp.
2425 Fountain View Drive
Houston Texas 77057
SOURCE Liberty Energy Corp.