Now Here's a Headline
October 16, 2010
– Comments (4)
"Liberty Energy Provides a Corporate Update for the Quarter to September 31, 2010"
Let's hope Liberty Energy has a better grasp of the oil exploration business that it has of the Roman calendar! I started poking around this one when I got a paid promo email titled "Urgent: LBYE Shares May Quadruple on Mega-Oil Find"
This is my favorite part:
"Both Cuba and the Bahamas are taking advantage of the the oil rich fields found off their coasts, and as we speak, are setting into motion the steps to start the deep water drilling to extract millions of barrels worth of Black Gold. But while these countries are drilling off-shore, Liberty already has working wells producing oil now - giving them the edge to profit now - instead of months down the road."
Working wells! Hot diggity dog! Certainly that merits a market cap far beyond the current $43 million?
What this promo does not mention is that the company bought its Texas properties, which comprise a 100% interest in one producing gas well (not oil, as the promo claims), a 2% interest in a property with some shut-in wells, and 850 acres of "exploration property" for $125,000. Liberty also bought 1/64th of 1% of a 100% overriding royalty on a property in Bulgaria for $100,000. That's the whole company.
I have requested that LBYE.OB be added to CAPS. I don't expect it to be ratable for very long, so keep an eye out.
TS
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