Liberty Energy To Absorb 1,040 Texas Acres

To buy 1,040 acres in Bastrop, Caldwell and Eastland cos., TX.

Liberty Energy Corp., Houston, (OTCBB: LBYE) plans to acquire new acreage in Texas from an undisclosed buyer for an undisclosed price.

The deal includes an estimated 1,040 acres in Bastrop, Caldwell and Eastland counties. The company intends to conduct further geological and geophysical surveys to complete the plan of development for this project.

Bastrop County is in South Texas, with the majority of production attributed to the Austin chalk and Navarro formations. There are four main pay zones within Caldwell County, the Sepertine, Dale Lime, Austin Chalk and Edwards. In Eastland County, in addition to having the Marble Falls, Duffer and Mississippian formations, the westernmost extension of the Barnett shale play enters the county.

Liberty chief executive Ian Spowart says, “We are extremely excited to announce this letter of intent and intend on providing further information on geological and geophysical work to be carried out once we have completed our due diligence process. These new prospects strengthen our commitment to secure Texan assets and ties in with our growth program of continued investment in onshore projects that grow shareholder value.”