HOUSTON, Aug. 16, 2012 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce the completion of a second convertible note agreement with Asher Enterprises, an American investment company.
The Company can confirm entering into a second Securities Purchase Agreement with Asher Enterprises Inc. who has agreed to purchase a further convertible note. The convertible note, issued on July 11, 2012, is due on April 16, 2013 at an interest rate of 8% per annum.
"We are very pleased to extend our existing relationship with our investor through a second round of funding," commented Ian Spowart, Liberty's chief executive officer. "We intend to use these additional funds to commence an exploration program of our recently acquired properties in Texas."
Additional information on Liberty's forthcoming exploration program will be released at a later date as details are confirmed.
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 leases and royalties in both Texas and Bulgaria, covering several wells with extensive potential for future development. In Texas, Liberty owns twelve leases based around numerous geological pay zones. In North-West Bulgaria, Liberty has 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. 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