Gulf Oil and Gas accountACCOUNT

Positive Progress Report on the Lockhart Lease

Source: www.gulfoilandgas.com 11/4/2010, Location: North America

Liberty Energy Corp. is pleased to provide a further positive progress report on the ongoing work-overprogram on its LockhartLease, CaldwellCounty, Texas.

The Company is in the process of re-entering 3 wells and drilling out 1 well on the lease. The four wells in question are located on 3 tracts of land known as the Alexander A, housing 1 re-entry well called the #2, the Alexander B, housing 2 shut-in wells called the #1 & #3 and the Anton, housing 1 shut in well called the Anton #1.

The Company confirmed on October 25 they had drilled through the 2nd plug from the surface down to about 300'. The Company then confirmed on October 28 the 2nd plug had been reached at around 1481', the well then had to be shut in overnight due to adverse weather conditions. Drilling continued the following day and the crew successfully drilled through the 1st plug and proceeded to drill through the cast iron bridge plug. The crew confirmed they received oil and gas shows throughout the day.

The team have been working hard and the cast iron bridge has claimed three drill bits but good progress has been made and the Company have confirmed they have now reached a depth of around 1830’ which is expected to be the end of the casing. The crew anticipate making good progress here on in and have received several returns containing oil in addition to several gas blows.

‘The well has been showing even greater signs of future production this week and we are still ahead of schedule at this stage. We are looking forward to getting this well into production as soon as possible and generating another revenue stream for the company. We are expecting to complete Phase 1 of the project in the coming weeks and have been revisiting the original work-over plans with our partners. We have now updated our scheduling charts in anticipation of the commencement of Phase 2 of the work-over.’Commented Ian Spowart, CEO of Liberty Energy Corp.

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