$OREO .43 American Liberty Petroleum Corp. Engages Netherland, Sewell & Associates for Consulting Services to Determine Next Steps on Cortez Oil Operation
Press Release: American Liberty Petroleum Corp. – [b][color=blue]Mon, May 7, 2012 8:59 AM EDT[/color][/b]
OREO.OB 0.43
BAKERSFIELD, Calif.--(BUSINESS WIRE)--
American Liberty Petroleum Corp. (OTCBB: OREO.OB; herein after "American Liberty" and/or "the Company") is pleased to announce that on April 27, 2012, it signed an engagement letter with Netherland, Sewell & Associates Inc. ("NSAI") – an oil and gas consulting services firm that provides a complete range of geological, geophysical, petrophysical, and engineering services – to perform consulting petroleum engineering work. In particular, NSAI will provide consulting services as needed to assist the Company in determining its next steps in the development of its Nevada-based Cortez operation.
The two wells located on the 3,840-acre Cortez lease (Cobble Cuesta 1-12 and Paradise 2-12) are situated on the Cobble Cuesta structure, a 12-mile by 5-mile faulted anticline that appears to be positioned to receive oil migrated from deeper areas in the eastern part of Gabbs Valley [1]. The Cobble Cuesta 1-12 well was drilled on the Cobble Cuesta structure’s crestal area in 2006-2007 and had shows of live hydrocarbons. The Paradise 2-12 well was drilled in 2010, resulting in numerous fair to good quality oil and gas shows, and a drillstem test that recovered 87 feet of oil with pressure data indicating a low permeability oil reservoir.
American Liberty Petroleum's President, Alvaro Vollmers, commented: "NSAI represents the range and depth of experience needed to help us identify the best course of action to further develop the Cortez operation. By working together, we'll be able to quickly move forward with our development activities in an informed and cost-effective manner.”
FOR MORE INFORMATION
Learn more about the Cortez operation and the Gabbs Valley Prospect 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.
ABOUT AMERICAN LIBERTY PETROLEUM CORP.
Based in Bakersfield, California, American Liberty is a publicly traded company (OTCBB: OREO.OB) focused on reducing America’s 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 8,157-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***.
* Occidental Petroleum's Path to Easy Oil. Forbes Magazine, March 29, 2010
** 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
ON BEHALF OF THE BOARD OF DIRECTORS,
American Liberty Petroleum Corp.
Alvaro Vollmers, President
4900 California Ave
Tower B-210
Bakersfield, CA
93309
OTCBB: OREO.OB
