Liberty Energy Corp. Old Field, New Technology, New Potential
Houston, TX (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") examines the importance of new technology in the Oil and Gas Industry.
Oil executives often state, "Tell me when technology can no longer be invented or improved, and I will tell you when the world has reached peak oil."
The life cycle of a producing oil field typically includes several stages. Initially, oil flows naturally to the surface with existing reservoir pressure. As natural pressure drops, the reservoir is flooded with water to push out more oil. In the final stage, any remaining oil is recovered by CO2 injection, natural gas miscible injection, far-out perforating or steam recovery.
It is widely believed that as long as new technologies can be invented, there are going to be new ways to get increasing amounts of oil and natural gas out of the ground. The best example of this is in the U.S. natural gas industry which was all but dead and buried up until a few years ago, when suddenly U.S. independents came up with new ways to get natural gas out of ground. The U.S. natural gas industry took off, and estimates have grown from 30 years' worth of supplies in the country to more than 100 years' worth.
Indeed, president of America's Natural Gas Alliance, Rod Lowman, says that while there are five major shale plays in the U.S. now providing most of the natural gas, there are over 20 other shale formations that the industry believes "hold a lot of potential." It is widely thought the same logic applies for oil.
The most recent development revolves around innovative steam flood technology, which can improve oil recovery several times over, compared to the low percentage recovery achievable with conventional primary recovery methods. This new technology works by pumping steam into the carbonate reservoir, which heats up the heavy oil in the reservoir, reducing its viscosity so that it can more easily flow. At the same time it creates a pressure gradient, which pushes the oil towards vertical production wells.
The company is currently looking to apply such new technologies to its current and prospective projects. By applying acid/fracture jobs and/or "far-out perforating," new completion technologies, it is believed that the company will be able to increase production and possibly access undeveloped reservoirs that could produce at significantly higher daily rates and overall total production.
"We are always looking at new technologies not only as a way to increase current production but also in conjunction with potential new assets and projects. As oil prices keep rising it will become more cost effective to implement these new technologies. We are always looking at new technologies in conjunction with our existing and new projects to try and increase production and in turn revenues for the company," said Ian Spowart, CEO of Liberty Energy Corp.
About LIBERTY:
Liberty Energy Corp (OTCBB:LBYE) is an Independent Oil and Gas Exploration and Production Company dedicated to the sourcing and production of fuel supplies in the United States and Europe. Headquartered in Houston, Texas, the company has signed agreements to acquire leases and royalties in both Texas and Bulgaria, covering several wells with extensive potential for future development. In Texas, four leases – Dahlstrom, Ratliff, and two at Lockhart Northeast – are identified as rich oil and gas sites based around numerous geological pay zones. In North-West Bulgaria, Liberty has acquired royalty rights to a 1,000,000+ acre natural gas property (the A-Lovech exploration block), an area of high quality, low- sulphur natural gas condensate. Through this combined international reach and domestic focus, Liberty Energy is committed to the development of US fuel reserves while seeking out further opportunities for the global energy markets.
Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Liberty Energy Corp. bases these forward-looking statements on current expectations and projections about future events, based on information currently available. The forward-looking statements contained in this press release may also include statements relating to Liberty Energy Corp.'s anticipated financial performance, business prospects, new developments, strategies and similar matters. Liberty Energy Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
ON BEHALF OF THE BOARD OF DIRECTORS,
Liberty Energy Corp.
Ian Spowart, Chief Executive Officer
SOURCE: Liberty Energy Corp.
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