Liberty Energy Corp. report that the Peshtene R-11 well in Bulgaria has been successfully drilled to its total depth of 3,190 meters, under the farm-in agreement with TransAtlantic Worldwide Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Ltd.

The Company can confirm the Peshtene R-11 well, located on the A-Lovech exploration license, targeted the Middle Jurassic age Etropole formation. Peshtene was successfully drilled in a total of 56 days to a depth of 3190 meters, including 354 meters of Etropole argillite. Numerous gas shows were recorded in the argillite, consisting of methane, ethane and propane (C1, C2, and C3). Over 289 metres of the Jurassic age Etropole and Ozirovo whole core has been taken from the well. The Ozirovo formation produces nearby in the Chiren Gas Field and in TransAtlantic's Deventci R1 discovery well, 36 kilometers to the east.1

The operators have confirmed that petrophysical analysis of the Etropole formation indicates net pay of 114 meters, with an average porosity of 6% and water saturation of 48%. Comprehensive core analysis by Core Laboratories is expected to be completed in the first quarter of 2012.1 The core data from the Etropole argillite and Ozirovo carbonate will be evaluated for reservoir rock properties, geochemical analysis, and rock mechanics. The results of the core and well log analysis will help to design and plan the future completion procedure for the well.2 Peshtene is scheduled to be completed and tested in Q2, 2012. Based on the data recovered to date, Direct Petroleum Bulgaria EOOD, has applied to the government of Bulgaria for a Production Concession. The Stefanetz Concession is expected to cover an area up to 1,600 square kilometers (395,000 acres) for a term of up to 35 years.1 TransAtlantic also plans to complete the Deventci R-2 well later this year.

"We are excited to have learned about the positive gas shows in the Argilite, and the data obtained in the Peshtene. We look forward to receiving more results, followed by plans from the operators to fully develop this field. Our ORRI in this scale of project in Bulgaria really underlines Liberty's commitment to exploring some of the world's richest and most under-exploited resources, while having no further cost to the company and our shareholders. This ORRI, combined with our activity in Texas, hopefully underscores our low risk strategy to further grow Liberty, with the intent of becoming a major player within the onshore oil and gas arena," commented Ian Spowart, CEO of Liberty Energy Corp.

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