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Liberty Energy Corp. Announces Draw-Down

Source: www.gulfoilandgas.com 10/19/2010, Location: North America

Liberty Energy Corp. is pleased to announce a further draw-down from its equity financing agreement.

The Company has received the draw-down under the terms of the equity investment agreement that does not include any debt financing and facilitates funding of up to $8,000,000.

The funds have been drawn to support the implementation of the first stage of a multi-phase work program on the Lockhart Lease and ongoing operational activities.

The Lockhart Northeast Project in Caldwell County houses two leases which consist of four land tracts containing eight wells (five re-entry wells and three shut-in wells).

The Company announced it had entered into a multi-phased well re-entry program on the lease in September 2010. During phase one of the five-stage work-over, the Company intended to re-enter 3 wells and the drill out 1 well on the lease. The four wells in question are located on 3 tracts of land known as the Alexander A, housing 1 re-entry well called the #2, the Alexander B, housing 2 shut-in wells called the #1 & #3, and the Anton, housing 1 shut-in well called the Anton #1.

Phase one of the work program commenced in early September 2010 and initial results have been very positive. The work on the #1 & #3 is nearly complete and the company has confirmed the #1 is now producing. Production on the lease is expected to double when the work to the #3 is completed, which the Company anticipates to be imminently.

Upon completion of the first phase of work program the Company will have 4 further producing wells.

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