Liberty Energy Corp. (OTCQB: LBYE) ("Liberty" or "the Company") an independent oil and gas company targeting onshore Texas oil conventional plays with a current focus on the Fort Worth Basin, today announced that the Company has acquired 4 oil & gas producing Baylor County leases.
The transaction covers 1,038 acres with 17 oil wells, 4 injection wells and related surface production equipment. Average production of 3-4 Barrels of Oil Per Day (BOPD) from operating wells is anticipated before any additional cleaning or remedial work is performed. The leases provide 100% Working Interest and 70-75% Net Revenue Interest (NRI) for the Company in exchange for seller financing, a carried 5% ORR and $50,000 in restricted stock.
During the closing period the operator advanced field work including replacing mechanical down hole pumps, replacing pump jack motors, upgrading a water injection pump and stabilizing needed pump jack platforms. The Baylor County leases have historically produced from multiple pay zones and these leases have all depth rights. The leases are estimated to contain a minimum of 15 and likely up to 30 infill drilling locations with expectations based on historical IP (initial production) rates of between 15-20 BOPD on new wells.
“We are very pleased to have restructured the original proposed all stock transaction, for a low stock issuance with a long term seller financing structure, to minimize dilution to Liberty shareholders. Furthermore, we are encouraged that some required remedial work has already been done which will support our efforts to promptly increase production while engineering the infill drilling program,” stated CEO Arthur Roy.
ABOUT LIBERTY: Liberty Energy Corp. (OTCQB: LBYE ) is an Independent Oil and Gas Exploration and Production Company dedicated to the sourcing and production of oil and gas onshore in the United States. Headquartered in Houston, Texas, the Company has acquired several leases with extensive potential for future development.
Certain statements in this press release are 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.
Source: Business Wire (April 7, 2014 - 10:56 AM EDT)
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