History
Liberty Energy bought small Texas and Bulgarian oil and gas interests in 2010, funded itself with share-based financing, then deregistered from SEC reporting in late 2017.
2010-2012: Small assets and share-funded growth
Liberty Energy began in 2006 as DMA Minerals, abandoned its mineral claim, and became Liberty Energy in 2008 after a 25-for-1 share split. On March 30, 2010 it made its first oil and gas purchases: Jackson County, Texas interests, including a 2% stake in the Ratliff property, all of the Dahlstrom property (which had one producing gas well) and four exploration properties of about 850 acres, for $125,000 in total. It also paid $100,000 for a tiny overriding royalty (a share of production revenue) in North Western Bulgaria, with a further $300,000 needed to reach the maximum interest. The company said it was no longer a shell company, but it described itself as early-stage.
To pay its way, Liberty signed a share issuance agreement with Asia Pacific Capital Ltd. in July 2010, letting it draw up to $4,000,000 in advances, repaid by issuing shares and warrants. In March 2011 the commitment was raised to $8,000,000, although the first $4,000,000 had not been fully advanced. In November 2011 the pricing was changed to 95% of the recent average share price, with a floor of $0.05, far below the earlier $0.50 floor, which could mean more shares for the same money.
In February 2012 Liberty took three-year leases on exploration properties in Bastrop, Caldwell and Eastland Counties, plus the 5-acre Dillon Hall property, from Langold Enterprises. It paid with 24,155,435 restricted shares. Shares on issue rose from 62,895,399 at the end of 2011 to 88,428,660 a year later.
2013-2018: New funding, then a quiet exit
In April 2013 Liberty arranged two more funding sources: a Petro Fund 1 agreement for up to $3,650,000 until April 2016, repaid in shares on similar terms, and a $32,500 convertible note from Asher Enterprises that could convert into shares at a discount. Shares on issue were 99,141,334 at the end of 2013 and 99,690,255 at the end of 2014. The beats do not say how much was actually drawn under these arrangements. Auditors noted doubt about the company's ability to keep going in the 2013 and 2014 audits.
The record then goes quiet for several years. In November 2017 Liberty deregistered its securities, ending its duty to file reports with the SEC. On January 2, 2018 it filed an amended Form 15, dated December 21, 2017, only to correct the number of holders of record to about 145. As of that date Liberty no longer filed public reports, and the filings do not say what would happen to its shares.
Written from the 9 story beats below (2010 to 2 Jan 2018), which come from the company's own announcements and filings.