Liberty Commences Work at 3rd Lockhart Lease Well

Liberty provided a further progress report on the ongoing Phase 1 of its well re-entry program on its Lockhart Lease, Caldwell County, Texas.

The company is in the process of re-entering 3 wells and drilling out 1 well on the lease. The four wells in question are located on 3 tracts of land known as the Alexander A, housing 1 re-entry well called the #2, the Alexander B, housing 2 shut-in wells called the #1 & #3 and the Anton, housing 1 shut in well called the Anton #1.

The Company has announced it has successfully rigged up on the Alexander A well also known as the Alexander A # 2 well situated on the Lockhart Lease, Texas.

From the plugging report, the Company knew the well had two cement plugs and a cast iron bridge plug that needed to be drilled out. According to the report, the cast iron bridge plug was set at 1600', the 1st plug was set from 1600'-1368' and the 2nd set from 210'- surface. The report also stated the perforations were at 1676'-1685' and that the casing was set to 1832'.

The company has confirmed they have now drilled through the 2nd plug from the surface down to about 300' and have proceeded further in the hopes of reaching the top of the 1st plug expected to be around 1368'.

"We are very pleased with our initial progress on this, our third well on this lease. The plug was set from the surface down to about 310' and from around 310' to 900' we had some fill but for the most part, work went very smoothly. At about 900', we had samples of oil and gas with what seemed to be serpentine as well. We are greatly encouraged with the progress and are looking forward to having this well in production," commented Ian Spowart, President and CEO of Liberty Energy Corp.