Liberty Energy reported that the company has signed an agreement to purchase oil and gas leasehold in Texas. The acreage is undeveloped and is spread across several different counties with exposure to a number of hydrocarbon bearing formations.
Liberty Energy executed a memorandum of understanding to purchase approximately 1,040 acres located in Bastrop, Caldwell, and Eastland Counties. The company plans to perform detailed analysis of the properties prior to embarking on a development program.
Bastrop County is in the southern part of Texas and produces mostly from the Austin Chalk and Navarro formations. The county is also prospective for the Eagle Ford Shale in some areas. Liberty Energy is acquiring five leases that comprise approximately 630 acres in Bastrop County.
Most of the oil and gas production in Caldwell County is from the Sepertine, Dale Lime, Austin Chalk, and Edwards formations. There are nearly 400 oil and gas operators active in Caldwell and approximately 9,000 producing wells here. Liberty Energy is acquiring two leases comprising 300 net acres in Caldwell County.
Liberty Energy is acquiring one lease comprising 110 net acres in Eastland County, where production is from the Marble Falls, Duffer, and Mississippian formations.
For more information on the company, go to www.energy-liberty.com
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