American Liberty Petroleum Corp. : Announces Termination of Consulting Agreement with Netherland, Sewell & Associates
07/20/2012| 04:50pm US/Eastern
American Liberty Petroleum Corp. (OTCBB: OREO)
(herein after "American Liberty" and/or "the Company") announces today
that oil and gas consulting services firm Netherland, Sewell &
Associates Inc. ("NSAI") has terminated its consulting agreement with
American Liberty as of July 18, 2012.
On April 27, 2012, American Liberty signed an engagement letter with
NSAI to perform consulting petroleum engineering work as needed to
assist the Company in determining next steps in the development of its
Nevada-based Cortez operation. Though the Company shared information
with NSAI after the agreement was signed, NSAI did not provide any
specific consulting services before deciding to terminate the agreement.
Prior to the agreement's termination, American Liberty had planned to
undertake additional steps to stimulate the Paradise 2-12 well, one of
two wells located on the 3,840-acre Cortez lease. Previous stimulation
efforts included the completion of a solvent (xylene) wash treatment and
the installation of a heating system. The NSAI engagement was intended
to determine next steps following the completion of the stimulation
program, including determining if it would be advisable to drill a third
well on the Cortez lease. The Company will now re-evaluate these plans
while considering all other development options.
The two wells on the Cortez lease (Cobble Cuesta 1-12 and Paradise 2-12)
are situated on the Cobble Cuesta structure. The Cobble Cuesta 1-12 well
was drilled on the Cobble Cuesta structure's crestal area in 2006-2007
and had shows of live hydrocarbons. The Paradise 2-12 well was drilled
in 2010, and included a drillstem test that recovered 87 feet of oil
with pressure data indicating a low permeability oil reservoir.
FOR MORE INFORMATION
Learn more about the Cortez operation and the Gabbs Valley Prospect at
the American Liberty Petroleum website, where you can also find more
information about the Company as well as the latest news releases: http://www.americanlibertypetro.com.
ABOUT AMERICAN LIBERTY PETROLEUM CORP.
Based in Bakersfield, California, American Liberty is a publicly traded
company (OTCBB: OREO)
focused on reducing America's need for imported oil through discovering
major, new onshore U.S. energy resources and by tapping overlooked or
undervalued onshore domestic resources through exploration and
development technologies not previously available. Recent significant
discoveries underscore the potential for developing new oil and gas
production solutions in western America. In the under-explored state of
Nevada, American Liberty's 8,157-acre Gabbs Valley Prospect is located
on the 26,000-acre Cobble Cuesta structure. The Company's 7,270-acre
Kibby Flat Prospect is located in the Monte Cristo basin.
ON BEHALF OF THE BOARD OF DIRECTORS,
American Liberty Petroleum Corp.
Alvaro Vollmers, President
4900 California Ave
Certain statements in this press release are considered to be 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. American Liberty
Petroleum Corp. bases these forward-looking statements on current
expectations and projections about future events, which are based on
information currently available. The forward-looking statements in this
press release may also include statements relating to American Liberty
Petroleum Corp.'s anticipated business prospects, new developments,
financial performance, strategies and similar matters. American Liberty
Petroleum Corp. disclaims any obligation to update any of its
forward-looking statements, except as may be required by law.
Cautionary Note to U.S. Investors - The United States Securities and
Exchange Commission permits U.S. companies, in their filings with the
SEC, to disclose only those mineral deposits that a company can
economically and legally extract or produce. We may use certain terms in
this press release, such as "measured," "indicated," and "inferred"
"resources," which the SEC guidelines strictly prohibit U.S. registered
companies from including in their filings with the SEC. U.S. Investors
are urged to consider closely the disclosure in our Form 10-K which may
be secured from us, or from our website at http://www.americanlibertypetro.com.
American Liberty Petroleum Corp.
Toll Free: 1-888-689-9654
© Business Wire 2012