Monthly Archives: July 2012

HOUSTON, July 9, 2012 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (LBYE) ("Liberty" or "the Company") is pleased to announce the completion of its acquisition of over 1,000 acres in Bastrop, Caldwell and Eastland Counties, Texas.

The acquisition falls in line with the Company's strategy of growing shareholder value through acquiring assets in proven onshore oil and gas play within the US. The leases are considered to be highly prospective, with a mixture of work-over potential and exploration and development drilling.

The Company is working to finalize geological and geophysical work plans to be completed on the new leases. All of the new leases are considered to be low risk being positioned within proven, multiple payzone, producing counties. The Company also intends to work with existing partners to investigate and further develop the new and existing leases.

Ian Spowart, Chief Executive Officer, commented: "Whilst our strategy is to expand aggressively, we are always looking to maximize returns and increase shareholder value. The new acreage is a great addition to our existing portfolio and we look forward to providing further information on geological and geophysical work to be carried out on the new leases in due course."

Bastrop County

Bastrop County is located in South Texas. The majority of production in Bastrop is attributed to the Austin Chalk and Navarro formations.1 The county presently houses over 1,700 wells and over 170 operators including; Texas Vanguard Oil Company, Chalker Operating Inc. and Petro-Gas Inc.2 The Eagle Ford Shale formation is in the oil maturity window and is present in Bastrop County. The play is 50 miles wide and an average of 250 feet thick at a depth between 4,000 and 12,000 feet. The oil reserves are estimated at 3 billion barrels of oil (BBO) with potential output of 420,000 barrels of oil per day (bopd).1 Major producers in the county include Anadarko, Exxon-XTO and PetroHawk. Liberty will, under the terms of the LOI, acquire five leases comprising approximately 630 highly prospective acres within the county.

Caldwell County

There are four main pay zones within Caldwell County, the Sepertine, Dale Lime, Austin Chalk and Edwards. There are currently 385 operators (including Eagle Ford Oil Co., Inc., Luling O&G LLC and Texas Petroleum Investment Co.) and nearly 9,000 wells in Caldwell County.3 From March 2010 to March 2011 the county produced over 1 million barrels of oil (MMBO).4 Liberty will, under the terms of the LOI, acquire two leases comprising approximately 300 greatly prospective acres within the county.

Eastland County

In addition to having the Marble Falls, Duffer and Mississippian formations, Eastland County is the westernmost extension of the Barnett Shale play and can be considered as part of the active Barnett Shale play area.5 The Bend Arch has had a significant effect on the Barnett Shale in regards to regarding its burial history and geo-thermal makeup. The Barnett is the source rock for the hydrocarbons produced from many of the shallower zones over the Bend Arch such as the Marble Falls and Duffer. There are currently 893 operators (including North Ridge Corporation, Sun Expl. & Prod. Co.-Abilene and B & B Oil, Inc.) and over 10,900 wells in Eastland County.2 Using a geology-based assessment methodology, the U.S. Geological Survey estimated a mean of 26.7 trillion cubic feet (TCF) of undiscovered natural gas, a mean of 98.5 MMBO undiscovered oil, and a mean of 1.1 billion barrels of undiscovered natural gas liquids (BBNGL) in the Bend Arch-Fort Worth Basin Province.6 Liberty will, under the terms of the LOI, acquire one lease comprising approximately 110 considerably prospective acres within the county.

Excerpt from:
Liberty Energy Completes Assignment of Oil and Gas Assets in Texas

TSX: LBE

TORONTO , July 9, 2012 /CNW/ - Liberty Mines Inc. today announced that it received approval at its annual meeting of shareholders to consolidate its credit facilities with Jien International Investment Limited (JIIL), and extend the terms to a new maturity date of June 30, 2017 .

Following shareholder approval and subject to the execution of a new loan agreement with JIIL in due course, the consolidated credit facility will have an outstanding principal amount of: (i) $48,914,849 and (ii) US$19,348,828 plus accrued interest to date. The credit facility bears interest at 10% per annum, which is secured against the assets of the Company, and no interest will be payable until June 30 , 2014. Related to the new maturity date and consolidated terms, JIIL has also agreed to expand the available credit facility by an additional $10,000,000 as well as continues to provide an available facility to address the preferred shares if redeemed prior to June 30, 2013 .

"Consolidating the credit facilities and extending the terms out five years was based on Liberty's five year business plan," said Chris Stewart , President & CEO of Liberty Mines. "This change allows us the opportunity to ramp up our production in Timmins so that we can generate some solid financial results to start repaying our debt. With the continued support of our major shareholder Jilin Jien, we have been able to execute our turnaround strategy for Liberty Mines and we are now focused on moving ahead with our plans for the Timmins operations."

At the annual meeting, Liberty shareholders also approved the election of Mr. Shu Wu , Mr. John Pinsent , Dr. Tao Li , Dr. Shu Zhang , Mr. Kim Oishi , Mr. Chris Stewart and Mr. James Xiang as directors of the Company. The directors bring a combination of mining, capital markets and public company experience.

Liberty shareholders also approved the nomination of BDO Dunwoody as the auditors for the Company.

Liberty has filed the full voting results of its annual meeting on SEDAR.

About Liberty Mines Inc. Liberty Mines Inc. is a mid-tier producer of nickel and is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada . It owns and operates the only nickel concentrator in the Shaw Dome, a prospective nickel belt region near Timmins, Ontario. With a new management team in place, Liberty is focused on growth initiatives not only through a more aggressive exploration program on its current properties but also through potential acquisition or partnership opportunities beyond its core Timmins area projects.

Link:
Liberty Shareholders Approve Debt Restructuring

The surging San Antonio Silver Stars are playing their best basketball of the season. If their recent efforts against the New York Liberty are any indication, however, keeping things going could prove difficult.

Looking to extend its longest winning streak in four seasons, San Antonio tries to avoid a sixth consecutive loss to New York as the teams meet at the Prudential Center on Sunday afternoon.

Since a 2-4 start, the Silver Stars (10-5) have proven nearly unbeatable. San Antonio has won six in a row by an average of 10.8 points and eight of nine overall.

The Silver Stars continued their recent prowess Friday with a 78-73 win at Washington. Sophia Young had 18 points while ex-Liberty guard Becky Hammon added 17 for San Antonio, which shot 52.6 percent from the floor.

"Right now we're just playing really well together," said Hammon, who leads the league with 5.7 assists per game. "We're moving the ball. We had 20 assists on 30 field goals. That's really moving the ball."

San Antonio, which hasn't posted seven consecutive victories since June 28-July 11, 2008, now looks for its momentum to carry over versus New York (6-9).

The Liberty have had their way with the Silver Stars of late, pulling out five straight wins - the last four of which have come by six or fewer points.

New York has posted back-to-back victories after dropping four of five, beating Seattle 77-59 on June 30 and winning 64-59 at Chicago six days later. Four-time All-Star Cappie Pondexter scored a team-high 19 points for the Liberty, who managed to prevail despite shooting 38.6 percent and getting outrebounded 45-30.

"We just told them to win it on defense and rebounding," said coach John Whisenant, whose team has been outrebounded by an Eastern Conference-worst 5.4 boards per game. "We had trouble scoring and I knew it would be that way. We missed some baskets that were easy, but so did they. They missed some putbacks. I'll take the way it was."

New York could be without leading rebounder Kia Vaughn for a second consecutive game. The 6-foot-4 center, averaging a team-high 5.8 boards, is dealing with a concussion she suffered versus the Storm.

Read more:
Silver Stars-Liberty Preview