Liberty Energy Adds Acreage in Texas County

Liberty Energy Corp. revealed further details on its newly acquired acreage in Eastland County, Texas. The 112 acre lease is located within Eastland County, approximately 80 miles west of Fort Worth, Texas.

The Company has confirmed that there are two major producing reservoirs that are widespread within this area. The first, Marble Falls, a prolific oil and gas producing reservoir with production being generated from several channel sands found within this Lower Pennsylvanian formation. The second, Mississippian-Duffer limestone, predominantly produces gas with some oil shows. The Duffer formation lies unconformably below the Marble Falls formation. Both zones are widespread in Eastland County and have been highly productive throughout Texas Railroad Commission District 7B.

The (Mississippian) Barnet Shale is also present in this area. Although its thickness is limited to approximately 50 feet in this area, this geological structure is among the most prolific oil and gas producing areas of Texas. This shale underlies the Duffer Limestone, and is thought to be a source for much of the hydrocarbon found in the reservoirs above.

The Bend Arch has had a significant effect on the Barnett Shale regarding its burial history and geo-thermal makeup. The Bend Arch-Fort Worth Basin Province resulted in estimated means of 26.7 trillion cubic feet of gas (TCFG), 98.5 million barrels of oil (MMBO), and a mean of 1.1 billion barrels of natural gas liquids (BBNGL).3 Nearly all of the undiscovered gas resource (98 percent, or 26.2 TCFG) is considered to be in continuous accumulations of non-associated gas trapped in strata of two of the three Mississippian-age Barnett Shale AUs of the Barnett-Paleozoic TPS.4 The third AU within this TPS, the Hypothetical Basin-Arch Barnett Shale Oil AU, has not yet been quantitatively assessed because of a lack of data. The Barnett-Paleozoic TPS is estimated to contain a mean of 409.2 BCFG of conventional gas, or about 88 percent of all undiscovered conventional gas, and about 64.6 MMB of conventional oil, or about 65 percent of all undiscovered oil in the Bend Arch-Fort Worth Basin Province.

"We are extremely pleased to have secured this lease which is situated in the heart of existing oil and natural gas fields. This is a formation that has been consistently produced by majors for years including Devon Energy, Chesapeak Energy and ConocoPhillips. We intend to extensively study the surrounding fields and formations in which oil and natural gas have been recovered. We then intend to initiate a detailed geological study of the acreage that will determine how we further develop the property," commented Ian Spowart, CEO of Liberty Energy Corp.