HOUSTON, Jan. 21, 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 negotiated the reduction of the float of Liberty's Common Stock by 8,533,605 shares.
"As part of the commitment to its shareholders, management has successfully started the reduction of its Common Stock outstanding by removing these shares from Liberty's tradable float. This is in addition to the complete payoff of all convertible debt in 4th quarter last year which combined has prepared the company to execute an aggressive M & A program of producing with upside oil & gas leases in Texas," stated CEO Arthur Roy.
Liberty stated in previous announcements that it was in the process of reducing the shares outstanding of its Common Stock in an effort to maximize shareholder value through a tighter stock structure. The removal of these shares from Cede & Co which is the amount in the float, reduces the amount of tradable shares thereby tightening the supply of shares to the public. These shares are part of a larger amount of Stock that management is now negotiating the cancellation and subsequent reallocation to Liberty's Authorized Stock.
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.