The Mangat Group, a Glendale-based land development group, announced a new partnership with Phoenix-based Liberty Petroleum Corporation in pursuit of a world-class exploration project with the potential to uncover a significant amount of oil. The Mangat Group has partnered with Liberty to help finance this massive exploration opportunity.
Liberty, a privately held corporation, has maintained an international strategy since its inception 24 years ago focused primarily on acquiring large oil and gas permits internationally through the mechanism of transparent government bid rounds. Since its inception, Liberty has directly acquired nine onshore permits and eight offshore blocks, representing a total of more than 12 million acres.
This latest exploration is a strategic alliance with Petro Quest Australia that represents the most significant exploration endeavors that Liberty has ever undertaken. Petro Quest Australia has secured rights to four different exploration permits in the onshore Office Basin of Australia. These permits are designated by the Western Australia government and the collective total acreage in the Petro Quest Australia portfolio is approximately 15 million acres. Combined with Liberty’s permit area, the total size of this exploration will exceed 20 million acres.
“To accumulate 20 million acres of exploration rights is a difficult task to begin with,” said Liberty Chairman and Co-founder Trent Franks. “It took us nearly nine years to get to this point. This is by far the largest exploration effort we have ever undertaken, and we are honored to have The Mangat Group on board as a partner and investor in this project.”
This is The Mangat Group’s first foray into the oil and gas industry.
“This project is extremely exciting and has immense potential,” said Tony Mangat, founder of The Mangat Group. “I’m thrilled that it’s alongside Liberty Petroleum Corporation. The founders Trent and Lane have an impressive track record and I am constantly searching for ways to diversify my portfolio and my knowledge.”
Liberty and The Mangat Group are actively working to engage additional qualified partners in the US and UAE to realize this massive, world-class project.