HOUSTON, July 16, 2012 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (LBYE) (\"Liberty\" or \"the Company\") announces further details on its new Bastrop County Acreage, Texas. <\/p>\n
The Company is pleased to provide further details on its newly acquired acreage in Bastrop County, Texas. The Company can confirm having acquired two highly prospective leases in Bastrop County Texas. The combined leases measure approximately 300 acres and are situated in county that currently produces primarily from the Dale Lime, Austin Chalk, Buda and Edwards. <\/p>\n
The Austin Chalk formation stretches 500km in length and 50km in width. The first wells were drilled in 1929 and the formation is still producing oil and gas in economically viable quantities today. New wells have IP'd (initial production) at over 1,200 barrels of oil per day (bopd)1 and with significant cumulative production make it one of the most prolific shale plays in the US. Given the cell size, mean numbers of cells, the mean EUR, and the success ratio, the Austin Chalk in the Outlying Areas Play is estimated to contain a mean of about 200 million barrels of oil (MMBO).2 <\/p>\n
The Eagle Ford has long been considered the \"source rock\" for hydrocarbons that are now found in the Austin Chalk formation across much of South Texas.3 Wells within the oil window across the play have experienced peak rates as high as 2,000 bopd, some with sustainable rates and others with steep declines. The oil reserves are estimated at 3 billion barrels of oil (BBO) with potential output of 420,000 bopd.4 Wells located in higher geo-pressured areas appear to be the most prolific producers. Most wells in the play are still producing in the transient flow regime and have not yet reached boundary dominated flow.3 There is also considerable variability among operators as to completion techniques and numerous examples of offset wells completed in one manner resulting in poor productivity with direct offsets completed in another with great success.3 <\/p>\n
The Company confirmed that based on typical costs, new Dale Lime\/Austin Chalk wells can be drilled and completed with fracs for around $200,000, which includes the cost of surface equipment. Reserves are modeled with an estimated ultimate recovery of 10 thousand barrels of oil (MBO) per well and have historically been 13 MBO per well, based on 5 acre spacing.5 <\/p>\n
\"We're planning to gather both geological and geophysical evaluations in addition to seismic data, which allows us to estimate the potential recoverable reserves. A thorough understanding of all information available to us will allow us to determine the best plan to further develop the lease with a high degree of accuracy,\" commented Ian Spowart, CEO of Liberty Energy Corp. <\/p>\n
ABOUT LIBERTY: Liberty Energy Corp (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 US fuel reserves while seeking out further opportunities for the global energy markets. <\/p>\n
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. <\/p>\n
ON BEHALF OF THE BOARD OF DIRECTORS, <\/p>\n
Liberty Energy Corp <\/p>\n<\/p>\n
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Liberty Energy Announces New Acreage in Bastrop County, Texas<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" HOUSTON, July 16, 2012 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (LBYE) (\"Liberty\" or \"the Company\") announces further details on its new Bastrop County Acreage, Texas Continue reading