Liberty Energy Corp. (OTCQB: LBYE), an independent oil and gas company targeting onshore Texas oil conventional plays with a current focus on the Fort Worth Basin, has executed terms to acquire a drilling rig capable of drilling to depths of 3,000 feet.
"The outlook for 2014 has greatly improved now that we have paid off all convertible debt, filed all our most recent financial statements, and executed terms on the first producing acquisition and drilling rig,” said CEO Arthur Roy. ”We look forward to aggressively furthering our acquisition and development mandates in the new year."
Liberty intends to expand its fleet of oilfield service equipment including this drilling rig and related equipment in order to accelerate its development programs. This fully operational rig will allow the company to reduce the cost of the infill drilling programs it has planned for the leases that the company is targeting. The Schramm Model T685 truck-mounted rig will be acquired with restricted stock and will add an asset to the company’s balance sheet with no increase in debt.