HOUSTON, Dec. 19, 2013 /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 announced that the Company has executed terms to acquire a drilling rig capable of drilling to depths of 3,000 feet.
"The outlook for 2014 has greatly improved now that we have paid off all convertible debt, filed all our most recent financial statements and executed terms on the first producing acquisition and drilling rig. We look forward to aggressively furthering our acquisition and development mandates in the new year," stated CEO Arthur Roy.
Liberty intends to expand its fleet of oilfield service equipment including this drilling rig and related equipment in order to accelerate our development programs. This fully operational rig will allow us to reduce the cost of the in fill drilling programs we have planned for the leases we are targeting. The Schramm Model T685 Truck Mounted Rig will be acquired with restricted stock and will add a good asset to our balance sheet with no increase in debt.
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.