here is some information one of the current shareholders posted today:
Contacted IR yesterday. They responded very quickly.
Thank you for reaching out to Liberty Energy IR. We are pleased to answer your questions best we can. In response to your questions:
1) There was an L.O.I. signed for the Baylor County oil & gas leases. Has management indicated when this is expected to move to PSA?
As per the most recent PR's the LOI was established to give Liberty time to evaluate the acquisition so far as checking land, legal and doing due diligence on the historical production and potential for future developments. The final steps were the appointment of the new COO and release of the Baylor County Report and Development plan which can be found at the link below. Management has indicated that the PSA is being finalized now and submitted for execution. You can expect to see both SEC filings and PR once this is finalized.
2) Lately there has been a lot of selling. Is this due to former management and/or Asher selling off shares, or is the company selling stock?
As part of the turn around process, management has been paying off debt from Asher Enterprises which former management has used to fund operations. As many of you know Asher type convertible notes come with steep conversion rights. Earlier in 2013 our financial partner Petro Fund I, Inc. paid the majority of the Asher debt but there was one remaining note that Asher did not allow for pay off since they agreed to terminate the Right Of First Refusal to future funding at the request of management. While we are waiting for confirmation from management through a corporate update, it is our understanding that some of the remaining debt was converted without new management's input and this is likely the cause of the recent selling. We will be working with management to put together a corporate update to address this.
3) In addition to the current L.O.I. is the company close to closing any other deals in the immediate future?
Management has indicated that they have an aggressive acquisition program in place. The Baylor County assets are the first production with upside acquisition but they have a number of acquisitions pending within the North / North Central area with a focus on the Fort Worth Basin. They have indicated that additional Letter Of Intents will be announced promptly after the Baylor County assets go under PSA.
We have included our most recent presentation here: http://www.libertyenergycorp.com/wp-content/uploads/2013/08/LBYE-Corporate-Presentation-10-15-13.pdf
And the COO Appointment and Baylor County Report here: http://www.libertyenergycorp.com/liberty-energy-corp-announces-appointment-of-coo-and-baylor-county-texas-leases-report/
Feel free to share this information if you wish but please include our contact information and disclaimer.
Liberty Energy Corp.
Two Allen Center
1200 Smith Street
Houston, TX 77002