Liberty Energy Corp to Fund Operational Activities with Draw-Down


On Tuesday August 9, 2011, Liberty Coal Energy Corp. (OTC:LBTG), an Independent Oil and Gas Exploration and Production Company, having its headquarters in Houston, Texas, gladly announced a draw-down from its equity financing agreement.

The draw-down has been made available to the company under the terms of its equity investment agreement; the same is exclusive of any debt financing and further facilitates the funding of up to $8,000,000.

The funds have been drawn to fund the company’s ongoing operational activities on its oil and gas leases in Texas. Liberty Energy Corp has signed agreements authorizing them to acquire leases and royalties in both Texas and Bulgaria, including several potential wells.

Ian Spowart, CEO of Liberty Energy Corp. has expressed his heartfelt gratitude towards their investors for their constant support and financial backing. He has acknowledged further that presently the company is stressing in finalizing the plan to drill a new well specifically for Edwards, which aims at testing the potentiality of production at this zone. The company is into negotiation with other interested parties to achieve a prosperous joint venture deal that is deemed to be profitable for every party involved. Working upon the advice of the consultants, the most effective approach is being determined for the Company and its stockholders.

The Company’s main objective is to concentrate on the development of the new and existing assets while maintaining a balance sheet with no debt.

Shares of LBTG slumped 26.50% to $0.184 on high volume.

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