Houston, Texas (November 26, 2014) — Liberty Energy Corp. (‘LBYE’ or ‘the Company’) would like to update the status of Company operations. We can report that the improvements to the Baylor County leases have continued over the last 30 days. We now have 9 wells online. Pump jacks, flow lines, electrical lines and motors were replaced on several wells. This increased the number of producing wells from 4 on October 24 to 9 producers today. We are anticipating stabilized production for between 8 to 10 barrels of oil per day. An additional well is close to being put online once we replace faulty connections. Our goal is to have that 10th well producing by December 3, 2014.
The Company is continuing to explore additional acquisition and merger options that meet our corporate goals of growing shareholder value through producing properties with upside potential. Our belief is that the current drop in oil prices will provide an excellent opportunity to acquire asset at more reasonable valuations.
As previously discussed, the Company is also planning a direct participation drilling program to drill new wells on all of the Baylor County leases. We have reached terms with a consulting geologist to commence review of the existing logs and area field data so we can select the best drill sites. In light of lower prices we are also rebidding the costs associated with these new wells. For investor information and direct participation program please contact Rita Karpel, rkarpel@libertyenergycorp.com or 832-459-7335.
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