Shares of American Liberty Petroleum Corp. (OTC: OREO), a California-based company 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, are gaining in trading today.
OREO shares are currently trading 3.13% higher at $1.32 on above average volume of 857,196.
Last week, American Liberty Petroleum announced that on April 19, 2012, Foreland Refining Corporation entered into an agreement to buy all of OREO’s crude oil production from the Gabbs Valley oil field in Nye County, Nevada.
The agreement was signed by Independence Drilling LLC, which is the designated operator for a joint venture between American Liberty Petroleum, Cortez Exploration LLC and Desert Discoveries LLC. The joint venture focuses on the acquisition and development of oil and gas properties in Nevada with the aim of petroleum production.
Alvaro Vollmers, President of American Liberty Petroleum, said that OREO is fortunate to now have an agreement in place with a nearby refiner for the purchase of all subsequent production from its Gabbs Valley-based activities.