BLACK GOLD FOLKS >> GAMM LEASE On May 24, 2013
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Posted On: 12/07/2013 10:54:42 AM
BLACK GOLD FOLKS >> GAMM LEASE
On May 24, 2013 Liberty Coal Energy Corp. ("Liberty") paid $15,000 down toward the purchase of the Gamm Lease, the balance of which will be paid via a share transaction, not to exceed approximately $30,000.
The Gamm Lease is in Caddo Parrish, in Northwest Louisiana. The 20 acre property is located in the West 825 feet of the South One-Half of the Northwest Quarter (S 1/2 of NW 1/4) of Section 25, Township 21 North, Range 15 West, Caddo Parish, Louisiana.
The Gamm Lease is a previous producing property and contains 9 shallow (+/- 1700 ft.) production wells. The property is accessible by paved and dirt roads from Oil City LA and has electric power and some existing equipment on site. Liberty is in the process of restoring the existing wells to production and installing wellhead production equipment.
Liberty plans to test the next formation at approx. 2500 feet with additional wells in early 2014.
There are additional shallow oil production opportunities in the immediate area that Liberty is considering for participation.
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