HOUSTON, April 15, 2013 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce it has secured financial backing through the execution of a restricted share issuance agreement with public equity fund Petro Fund - I, Inc., a Houston, Texas based upstream oil & gas fund.
The Company shall use $150,000 of advances to extinguish all existing debts including convertible notes, fund operating expenses, working capital and general corporate activities. The Company shall use up to $3,500,000 to fund mergers and acquisitions (including related legal and, accounting expenses) or the purchase of capital assets. The current Right Of First Refusal for financing held by Asher Enterprises has be terminated.
"This is a very positive advancement for Liberty Energy Corp as we finalize our transition of management and progress to the acquisition stage of the Company, to remove all remaining liability and convertible debts," commented Ian Spowart, CEO of Liberty Energy, Inc.
Petro Fund - I, Inc. has agreed to a restricted share (with legend) purchase agreement over a period of up to 36 months based on 95% of the volume weighted average of the closing price of Common Stock for the ten (10) Banking Days immediately preceding the date of the Notice, but at no time less than $0.05 per share.
"We are very pleased to provide capital to Liberty Energy Corp in order to make it a debt free company and prepare the balance sheet for mergers and acquisitions and additional public investment. This is the first step in Liberty management's plan we have endorsed and we look forward to supporting the growth through 2013," stated John Nobile, President of Petro Fund - I, Inc.
Liberty's renewed focus through its expanded business plan includes seeking partners to develop its oil & gas leases in oil rich counties of Bastrop, Caldwell and Eastland Counties as well as focusing aggressively on mergers & acquisitions within the upstream oil & gas segment including either exploration and production or oilfield service businesses.
Please contact David Sexton directly at 1-832-708-3909 or email info@energy-liberty.com to request additional information and ongoing updates.
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. Headquartered in Houston, Texas, the company has signed agreements to acquire leases and royalties in Texas, covering several leases with extensive potential for future development. In Texas, three leases – are identified as rich oil and gas sites based around numerous geological pay zones. Currently the company is targeting mergers & acquisitions within the E & P or oilfield services of the upstream oil & gas segment.
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