Liberty Enters Re-Entry Program at Lockhart Lease

Liberty has entered into a multi phased well re-entry program on its Lockhart Lease, Caldwell County, Texas.

The Lockhart Northeast Project in Caldwell County consists of four land tracts containing eight wells (five re-entry wells and three shut-in wells) over two leases. The lease is located over roughly 848 acres and if proven viable holds enough space to house a potential further 282 new wells.

During phase one of the five-stage work-over, the company intends to re-enter (3) wells and the drill out (1) well on the lease. The four wells in question are located on 3 tracts of land know 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 work will enable the company to have (4) wells in production as well as hold the leases by production. Initial work will be followed by a detailed evaluation of the possibility of developing the lease to its full potential.

The company believes it should be able to get a considerable amount of production from the (3) shut-in wells, primarily by swabbing each well, repeatedly if necessary. Furthermore, with the application of acid/fracture jobs and/or far-out perforating (new completion technology) it is projected that the company will be able to increase production and possibly access undeveloped reservoirs that could produce at significant daily rates and overall total production. The company would hope to follow on with a full property development plan, drilling new wells up to a possible 282 wells.

"We are very optimistic about the potential of these leases and are currently seeing several companies tying up several thousand acres around our lease. On our initial visit, the wells to be equipped had oil bubbling out of the top of the cap on the casing, which is a great indication of potential production. Our team on the ground informed us that upon opening the valves, the wells were producing barrels of oil within a few minutes. We are hoping to obtain some instant production, and our intention is to use revenues from these existing wells to proceed with developing the field," commented Ian Spowart, CEO of Liberty Energy Corp.