BAKERSFIELD, Calif.--(BUSINESS WIRE)-- <\/p>\n
American Liberty Petroleum Corp. (OTCBB: OREO) (herein after \"American Liberty\" and\/or \"the Company\") is pleased to announce the expansion of its project portfolio through the addition of the 3,840-acre Cortez lease. As well, on June 27, 2011, the Company exercised its option agreement from May 11, 2010, thereby receiving assignment of the following 3 Nevada-based Oil and Gas leases: Gabbs Valley lease (75% Working Interest; 63.375% NRI), Cortez lease (60% WI; 48% NRI), Kibby Flat lease (75% Working Interest; 63.375% NRI). <\/p>\n
The Cortez lease was originally included in the option agreement through the agreement's 3rd Amendment on February 11, 2011. The lease consists of 3,840.560 acres in sections 1, 12, 13, 24, 25, and 36 of Township 12 North and Range 34 East (Mt. Diablo Base and Meridian). The BLM issued the Cortez lease on August 24, 1995. It was subsequently committed to the Cobble Cuesta Unit on March 1, 2005. Drilling of the Empire No. 1-12 Cobble Cuesta well extended the lease through November 28, 2010. Its status became \"Held By Production\" (HBP) on November 3, 2010 due to the discovery of oil in the Empire No. 2-12 Paradise well (recovered 87 feet of oil with pressure data indicating a low permeability oil reservoir)[1]. <\/p>\n
The Cortez lease is located in close proximity to the Company's Gabbs Valley lease, which will provide an operational advantage as American Liberty moves its exploration program forward for the leases. Exploratory wells have resulted in hydrocarbon shows on both leases and, as mentioned, recovered oil on the Cortez lease. Both leases are located on the 26,000-acre Cobble Cuesta structure in the northwest part of Gabbs Valley in Nye County, Nevada. A report by Alfred H. Pekarek, Ph.D., Geologist, from January 2008 estimated the Cobble Cuesta structure represents reserves of 4+ billion barrels of oil based on reservoir and production data from producing Nevada oil fields[2]. <\/p>\n
\"We're excited to demonstrate our intention of exploring and developing Nevada's potential energy resources,\" commented Alvaro Vollmers, American Liberty's President. \"We can now proceed with rapidly advancing the initial oil discovery work already performed on the Cortez lease.\" <\/p>\n
FOR MORE INFORMATION <\/p>\n
Learn more about the Gabbs Valley, Cortez and Kibby Flat leases at the American Liberty Petroleum website, where you can also find more information about the Company as well as the latest news releases: http:\/\/www.americanlibertypetro.com<\/a>. <\/p>\n ABOUT AMERICAN LIBERTY PETROLEUM CORP. <\/p>\n Based in Bakersfield, California, American Liberty is a publicly traded company (OTCBB: OREO) focused on reducing America\u2019s need for imported oil through discovering major, new onshore US energy resources and by tapping overlooked or undervalued onshore domestic resources through exploration and development technologies not previously available. Recent significant discoveries, such as Occidental Petroleum's estimated 1+ billion barrels of oil and natural gas equivalents in California*, underscore the potential for developing new oil and gas production solutions in western America. Next door in the under-explored state of Nevada, American Liberty's 2,557-acre Gabbs Valley Prospect is located on the 26,000-acre Cobble Cuesta structure, which is estimated to represent oil reserves of 4+ billion barrels**. The Company's 7,270-acre Kibby Flat Prospect in the Monte Cristo basin, meanwhile, represents estimated ultimate recovery (EUR) of as high as 669 million barrels of oil according to a 2008 report***. <\/p>\n * Occidental Petroleum's Path to Easy Oil. Forbes Magazine, March 29, 2010 ON BEHALF OF THE BOARD OF DIRECTORS, <\/p>\n American Liberty Petroleum Corp. 4900 California Ave Certain statements in this press release are considered to be forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. American Liberty Petroleum Corp. bases these forward-looking statements on current expectations and projections about future events, which are based on information currently available. The forward-looking statements in this press release may also include statements relating to American Liberty Petroleum Corp.'s anticipated business prospects, new developments, financial performance, strategies and similar matters. American Liberty Petroleum Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law. <\/p>\n SOURCES: <\/p>\n 1 Synopsis of Oil and Gas Well Drilling and Testing on Cortez Lease. Jerry Walker, Consulting Geologist, July 18, 2011 Visit link: BAKERSFIELD, Calif.--(BUSINESS WIRE)-- American Liberty Petroleum Corp. (OTCBB: OREO) (herein after \"American Liberty\" and\/or \"the Company\") is pleased to announce the expansion of its project portfolio through the addition of the 3,840-acre Cortez lease Continue reading
** Reserve Estimates for the Cobble Cuesta Structure, Alfred H. Pekarek, Ph.D., Geologist, January, 2008
*** Kibby Flat Prospect report, Jerry Walker, Consulting Geologist, Sept. 2008 <\/p>\n
Alvaro Vollmers, President <\/p>\n
Tower B-210
Bakersfield, CA
93309 <\/p>\n
2 Reserve Estimates for the Cobble Cuesta Structure, Alfred H. Pekarek, Ph.D., Geologist, January, 2008 <\/p>\n<\/p>\n
\nAmerican Liberty Petroleum Corp. Adds New Oil Discovery Lease & Exercises Option to Receive Assignment of 3 Oil & Gas ...<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"