Liberty Energy Announces an Update on Its Bulgarian Asset
24 Outubro 2012 - 11:00AM
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
References
• www.transatlanticpetroleum.com
CONTACT: Liberty Energy Corp.
Two Allen Center
Suite 1600
1200 Smith Street
Houston, TX 77002
Tel: 713-353-4700
Fax: 713-353-4701
Email: info@energy-liberty.com
INVESTOR RELATIONS:
Toll Free: 1-877-890-1650
Email: ir@energy-liberty.com
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