Daily Archives: August 1, 2012

Metro-Goldwyn-Mayer has sold most of its international television channels to Chellomedia, the international content division of Liberty Global, it was announced Wednesday.

MGM, which has been shopping the international channels since earlier this year, is keeping its network businesses in the U.S., UK, Germany and a joint venture in Brazil and Australia. The deal includes 13 channels, two joint ventures and the service which feeds the content.

Separately, Chellomedia also announced Wednesday from London that it has entered into an agreement with CBS Studios International to create CBS-branded channels within the Chellomedia channel division called Chello Zone, which has existing operations in 83 territories across Europe, the Middle East and Asia. The two companies have been partners in other CBS branded channels in the UK since 2009.

CBS will hold a 30 percent stake in the new venture, which will form a new board from both companies.

As part of the deal with MGM, Chellomedia will have the right to use the studio's famous roaring lion brand on the channels; and has made a licensing deal which will give it continued access to the 4,000-plus titles in the MGM movie and TV library. The library includes not only MGM titles, but also those from United Artists, Orion and others acquired over the years. Those include Rain Man, When Harry Met Sally, Thelma and Louise and Silence of the Lambs.

Chellomedia will now own a group of channels that the former management of MGM spent nearly a decade assembling, including outlets in Spain, Turkey, Israel, Benelux, Poland, India and South East Asia.

Chellomedia has also acquired the 50 percent of MGM Latin America that it does not already own, after operating as a joint venture since 1998. Chellomedia also acquired the rest of another joint venture operated with MGM in Central Europe.

In a 2011 financial report, privately held MGM indicated the annual revenue from all of its international channel operations was about $150 million. That is believed to have produced about $20 million to $30 million cash flow, and about $20 million in deferred profit.

Many of the channels sell advertising as well as earning subscriber fees when carried on cable or satellite systems. Most are also available on pay-per-view or on demand.

In the announcement, Chellomedia alluded to its interest in the channels and content for use in the on demand world.

The rest is here:
MGM Sells Most of its International Channels to Liberty Global

HOUSTON, Aug. 1, 2012 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (LBYE) ("Liberty" or "the Company") announces further details on its new Texas acreage.

The Company has recently secured an average 97.9% working interest on over 626 acres in Caldwell, Texas.

The Company intends to target 3 main pay zones: the Dale Lime, Austin Chalk and Edwards. New field discoveries based on logged but undeveloped shows are also possible in the Salt Flat and Dale Lime fields. With the application of acid/fracture jobs and/or 'far-out perforating' it is believed that the Company could be able to increase production and possibly access undeveloped reservoirs that could produce at significantly higher daily rates and overall total production.

Typically there is between 2 and 160 acre spacing for well bores in this region. 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.1 The Salt Flat oil field, (where the Company's 106 acre lease lies) in Caldwell County, is on a fault structure about 20 miles southeast of the main Balcones fault. The area is drained by the San Marcos River2, and the main producing formation is the Edwards limestone of the Comanchean Cretaceous. The field is 7.5 miles long and averages about 0.5 mile wide. To date the field has produced over 34 million barrels of oil from a total of around 350 wells.2 It is further estimated that ultimate recovery will be approximately 30,000 barrels of oil per acre.3

There is an old assumption that only the top five (5) feet of the Edwards is productive. However, new field information suggests that there are different producing intervals in the Edwards formation. These intervals are not separated by the normal shale intervals found in other producing formations, but are rather separated by chert layers in the limestone of the Edwards which reduce the permeability to zero. This raises a number of possibilities and traps for production from lower zones in the Edwards.4

The Dale conformably overlies the Austin Chalk and is considered to be part of the Austin Group. The Dale Limestone, recognized in the Travis volcanic field east of Austin, is associated more closely with individual volcanic mounds. Dale carbonates are at several stratigraphic horizons on the flanks of mounds, reflecting alternating conditions of volcanism and reef growth. The Dale has reported thicknesses of as much as 423 ft and a mean thickness of about 58 ft.5

"We are pleased to announce even more acreage into our Caldwell County and Texas portfolio; we are currently in the process of determining how best to explore this exciting lease and will provide further updates as soon as possible," commented Ian Spowart, CEO of Liberty Energy Corp. For more information on the Caldwell Project see the Liberty Energy website at http://www.energy-liberty.com/projects/.

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.

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,

Original post:
Liberty Energy Announces New Acreage in Caldwell County, Texas