Liberty Begins Next Stage of Lockhart Development Program

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

The Company has begun the next stage of its multi-phased well re-entry program by commencing drilling on the Alexander A #2 well. The company intends to drill the well to a target depth to produce from the Edwards shale zone. The company expects to have the work completed and online within weeks.

Works carried out on the primary 3 wells on the Lockhart lease has improved the company's 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.

"We are pleased to have re-started work on the Lockhart lease. The continued investment we are providing should increase existing production and give us further insight into the local geology to aid our continual drilling efforts," commented Ian Spowart, CEO of Liberty Energy Corp.