Liberty announced executing a memorandum of understanding to acquire new acreage in both Caldwell and Travis Counties, Texas.
The Company has signed a memorandum of understanding to acquire an estimated 400 acres in Caldwell and Travis Counties. The Company intends to conduct further geological and geophysical surveys to complete the plan of development for this project.
The Lower Cretaceous Reef Prospect that the Company proposes to acquire, had one well, which is currently plugged, drilled into the reef complex in the 1950's. At that time, it showed excellent thickness, porosity and permeability. Hydrocarbon indications in the upper portion of the reef demonstrate that oil stains are contained within sidewall core. Geophysical surveys further indicate an early Cretaceous shelf edge on which the reef was originally formed. The Company intends to drill on the shelf edge in the optimum 'reef forming' environment to maximize the potential of this prospect.
"We are extremely excited to announce this memorandum of understanding and, once our due diligence is complete, we will provide further information on the work plan required to bring this project online. This new prospect strengthens our commitment to secure Texan assets and ties in with our aggressive growth program of continued investment in safe onshore projects that grow shareholder value and increase revenues," commented Ian Spowart, CEO of Liberty Energy Corp.
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