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HOUSTON, Sept. 2010 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to provide an operational update on its interest in the Deventci-R1 discovery well situated on the A-Lovech exploration block which covers 1,830 square miles (or 1,171,200 acres) in Bulgaria.
On 14 April 2010 the company announced they had concluded the assignment of overriding royalty rights (ORRI) to a proven multibillion cubic feet of natural gas property in North-West Bulgaria, 130km from the capital city Sofia. The total depth of the Deventci-R1 discovery well is 5,888 meters (19,313 ft.) in the Lower Triassic Alexandrovo formation. The well is on a geological feature known as the West Koynare structure, which covers around 15-20 sq km.
The project is operated by Direct Petroleum Exploration Inc. (DPE) meaning the company is currently not involved in any ongoing development operations or exploration of the block. That being said, the ORRI does entitle the company to royalty interest on all future revenues and reserves located on the block, at no further cost to the company. It is anticipated that the Deventci development will be tied into the Aglen field, 21km away.
During a 12-hour shut-in period of initial testing, the indicated bottom hole pressure was about 11,500 psi. The well encountered gas saturated reservoirs in the Dolni Dabnik member of the Middle Triassic Doirentsi formation. Other potential reservoirs are in the Upper Triassic Rusinovdel and the Lower Jurassic Ozirovo formations. Casing was run to 5,876 meters (19,280 ft.).
The initial results of the testing show that gas and natural gas condensate are of a very high quality with low sulphur content. The company can confirm that there has been continuous testing on the Deventci R1 discovery well and DPE are planning to file for a production license by the end of 2010.
As a result of this update the company plans to continue searching for potential assets in Bulgaria and the surrounding European regions with a view to engaging in similar low risk opportunities.
Ian Spowart, President of Liberty Energy Corp., said: "We are delighted with the latest update regarding this asset. Our interest in this scale of project in Bulgaria really underlines Liberty's commitment to exploring some of the world's richest and most under-exploited resources. We believe this proven multi billion cubic feet asset, coupled with our Texan assets, represent great opportunities to generate positive revenue streams for the company."