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Liberty Energy Develops its Natural Gas Reserves

Source: www.gulfoilandgas.com 10/21/2010, Location: Europe

Liberty Energy Corp. is delighted by the Bulgarian Government's support to develop its natural gas deposits near the Company's Deventci-R1 discovery well situated on the A-Lovech exploration block near Sofia.

The Bulgarian Government has recently announced natural gas prices have risen for a third consecutive quarter and by 25 percent this year. Such a rise has been anticipated due to higher costs of Russian imports and a stronger dollar.1

The increase in gas price has directly affected politically-sensitive heating prices. Power and heating bills, especially in winter, eat up a large part of Bulgarians' wages and pensions which remain well below those in western Europe.2

In response to these rises the Bulgarian Government gave the go-ahead for the exploration of oil and natural gas reserves in the northeastern Bulgarian region of Provadia earlier this year. The parcel in question amounts to an area of 1787 sq km and approval for research was granted over three years at a total cost exceeding 14.5 million euro.3

In August of this year, the Bulgarian Economy Minister, Traicho Traikov, was quoted saying, "About 250-300 million cubic meters of natural gas will be extracted from the deposit annually - about 10 percent of Bulgaria's total consumption." It is estimated that this, in addition to two deposits nearby, hold a total three billion cubic meters of natural gas.4

Bulgaria currently imports the majority of its gas from Russia, which has a certain stranglehold on the country. It appears as though the Bulgarian government is trying to reduce its dependency by granting concessions, facilitating exploration and drilling projects in the north of the country where there are vast deposits of natural gas.

"We are encouraged by the Bulgarian Government's intentions and dedication to exploring the natural gas reserves in the north of the country. Our interest in Bulgaria lies in overriding royalty rights to a proven multi-billion cubic feet of natural gas property in the North-West of the country. We feel positive that our interest in Bulgaria represents a good basis for our Company's development and will ultimately grow in value. Furthermore, our interest in this scale of project in Bulgaria really underlines Liberty's commitment to exploring some of the world's richest and most under-exploited resources," commented Ian Spowart, CEO and President of Liberty Energy Corp.

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