Liberty Finalizes Re-Entry Plans for Lockhart Lease

Liberty has finalized plans for the next stage of its multi phased well re-entry program on its Lockhart Lease, Caldwell County, Texas.

The Company has recently announced the successful work-over of 3 wells on its Lockhart lease. The three wells are now producing consistently and recovered approximately 250 bbls of oil during the first 36 hours of production. Sales of oil from the Lockhart are now ongoing, providing a key source of revenue to the company.

The next stage of this multi phased work-over program will be to drill the Alexander A #2 well to a target depth to produce from the prolific Edwards shale play. We plan to commence work there early February, aiming to have the well online by mid February. Works carried out on the primary 3 wells have improved our understanding of the play, and the company remains positive for its prospects.

The Edwards limestone formation underlies the Eagle Ford Shale and Austin Chalk formations. It is considered by geologists to be the original source of hydrocarbons that are now found in the Eagle Ford shale and Austin chalk above it. Compared to other shale formations it is brittle and contains as much as seventy percent calcite and high silica content with an average clay content of eleven percent. It is easily fracturable and not sensitive to water. EOG Resources have already called it the sixth largest oil discovery in U.S. history.1

"We are very pleased to have the next stage of this work program scheduled for commencement in the coming weeks. Interest in the Edwards shale play has grown immensely recently and we are looking forward to drilling our well and producing from this play. We believe this another low risk work-over that will provide us with increased instant production," commented Ian Spowart, CEO of Liberty Energy Corp.