Liberty Energy Corp. Provides Baylor County Operations Update
HOUSTON, Texas – April 14, 2014 (For Website Release) — 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 work will begin this week to improve production on the recently acquired Baylor County leases.
Liberty has engaged local oilfield service company to provide the crew and related equipment upgrades and maintenance. This work will include the following critical work:
Measure the oil in all tanks and take a picture of each tape. We need accurate measurements of the marketable oil in the tanks as our settlement agreement with the seller has us crediting this amount.
Conduct individual assessment of each well, tank battery, injection pump and related lease infrastructure issues. Prepare status report on this assessment.
Remove and replace the separator on the Ptacek lease with a rebuilt unit. Contractor will supply all needed seals,valves and fittings.
Stabilize and align pump jacks that are not plumb to prevent premature wear.
Fortification of tank berms to contain potential oil spillage.
Stabilization of Tanks that are listing as required by code.
Installation of gravel around tank bases and construction of walkways to provide better access to tanks during inclimate weather.
Removal of oil field trash/scrap. Sell or recycle metal scrap.
Secure electrical lines and connections to increase durability.
Swapping of newest injection pump to well of greatest need in order to increase production.
Check flow line connections for wear and replace fittings where needed.
Current production averages around 3 BOPD but is anticipated tp increase into the 5-6 BOPD range when the above mentioned work is completed. Future production increases will occur after additional wells are worked over or brought online.
As part of Liberty’s value proposition to shareholders new production will be updated through the website through ongoing updates on the blog as well as key developments via press announcements. Please sign up for Liberty’s newsletter to get all updates from the Company and stay up to date on catalysts for growth.
“We are very pleased to take over operations of the newly acquired Baylor County producing oil & gas leases. This week’s work combined with the recently done remedial work by the Seller should give us a nice bump up in production. We have already begun planning our additional rework efforts as well as commissioned a petroleum engineering firm to work on our infill drilling program. These developments mark a real milestone for the Company as we look forward to the consistent associated cash flow these assets should provide for many years to come” stated, CEO Arthur Roy.
