Liberty Energy Announces an Update on Its Bulgarian Asset
HOUSTON, Oct. 24, 2012 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") announces an update on its Bulgarian asset.
The company possesses an overriding royalty rights (ORRI) to a proven multi billion cubic feet of natural gas property in North-West Bulgaria based within the A-Lovech exploration block which covers 1,830 square miles (or 1,171,200 acres) of the East European country. The property contains Deventci R-1 which is (currently producing ~250 Mcf/d on a limited test basis and) the deepest well drilled in Bulgaria for the past 30 years.
Transatlantic Petroleum Ltd. has released a new update on its Peshtene R-11 well in the neighboring exploration block to that of the Deventci R-1 within the A-Lovech exploration block1. Transatlantic stated that their exploration well, drilled to 10,500 feet into the Etropole formation, showed rock properties similar to U.S. shale plays. The Etropole position they estimate to hold gross unrisked best estimate prospective resources of 11 Tcfe. The company is reportedly awaiting revision(s) to recent Parliamentary legislation.
Initial results indicate that the gas and natural gas condensate found at the site to be of exceptionally high quality with low sulphur content.
"We are excited by this further news of 11 trillion cubic feet of natural gas adjoining our exploration block in Bulgaria. At current prices this equates to over $35 trillion. We will be exploring ways to engage our partners on this project, and to identify a way forward with the project," commented Ian Spowart, CEO of Liberty Energy Corp. For more information on the Bulgarian Project see the Liberty Energy website at www.energy-liberty.com/projects/.
ABOUT LIBERTY: Liberty Energy Corp (OTCBB:LBYE) is an Independent Oil and Gas Exploration and Production Company dedicated to the sourcing and production of fuel supplies in the United States and Europe. Headquartered in Houston, Texas, the company has leases and royalties in both Texas and Bulgaria, covering several wells with extensive potential for future development. In Texas, Liberty owns twelve leases based around numerous geological pay zones. In North-West Bulgaria, Liberty has royalty rights to a 1,000,000+ acre natural gas property (the A-Lovech exploration block), an area of high quality, low-sulphur natural gas condensate. Through this combined international reach and domestic focus, Liberty Energy is committed to the development of U.S. fuel reserves while seeking out further opportunities for the global energy markets.
Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. 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.
ON BEHALF OF THE BOARD OF DIRECTORS,
Liberty Energy Corp
Ian Spowart, Chief Executive Officer