What Liberty Petroleum does

Liberty Petroleum Corporation is a privately held, Phoenix, Arizona-based independent energy company founded in 1997 by the Franks family. It acquires and holds onshore and offshore petroleum exploration permits in frontier and proven basins — primarily across Australia (Browse, Gippsland, Cooper/Eromanga, Officer basins) and Africa (offshore Somalia, Liberia, Seychelles) — and currently controls more than 24 distinct exploration blocks covering approximately 25 million acres. Its underlying technical capability is conventional upstream oil and gas exploration: seismic interpretation, geological assessment, and prospect generation executed by a senior technical bench with backgrounds at Shell, Apache, Hess, ConocoPhillips, BHP, Mobil, and INPEX. Notable assets include the Poseidon gas/condensate discovery in WA-315-P (Browse Basin, ~11 Tcf contingent + 108 MMbbl condensate), VIC/P77 and VIC/P78 in the Gippsland Basin, and offshore acreage in Somalia, Liberia and Seychelles representing multi-billion-barrel unrisked potential.

Liberty's business model is a capital-light farm-out strategy. After securing government-granted exploration licenses, the company attracts world-class operating partners — including ExxonMobil, ConocoPhillips, Santos, BHP, Apache, Karoon Gas, Origin Energy, and PetroChina — through farm-in agreements under which the partner funds seismic acquisition and drilling while Liberty retains an Overriding Royalty Interest (ORRI) and/or Carried Working Interest (CWI). This shields Liberty from operational liability and capital intensity while preserving upside exposure to giant discoveries. Since inception, the company states it has facilitated more than US$2.0 billion in partner-funded work-program expenditures, drilling over 20 wells and contributing to four major field discoveries, one of which (Poseidon) was ranked among the top ten worldwide discoveries of 2009.

Revenue derives from licensing and royalty streams tied to production from these retained interests, supplemented by carried working interest exposure. Liberty does not sell products directly and discloses no pricing. Its primary customer segment is the cohort of oil and gas majors and large independents that operate Liberty acreage under farm-out agreements; its secondary counterparties are government licensing authorities in Australia, Somalia, Liberia and Seychelles. Go-to-market is enterprise field sales: securing acreage at the government level, then negotiating bespoke farm-in arrangements with operators. Marketing is conducted primarily through the company website, press releases, and a mailing list for reports and updates.

Name

Liberty Petroleum

Legal name

Liberty Petroleum Corporation

Website

https://libertypetroleumcorp.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

101–250 employees

Short description

Liberty Petroleum Corporation is a privately held, Phoenix-based independent energy company founded in 1997 that acquires frontier-basin oil and gas exploration permits in Australia and Africa and partners with major operators via farm-out agreements while retaining overriding royalty and carried working interests.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration

NAICS

Oil and Gas Extraction (211), Natural Gas Extraction (21113), Crude Petroleum Extraction (211120)

SIC

Mineral Royalty Traders (6795), Oil Royalty Traders (6792)

akta.pro primary industry

Mineral Rights, Leasing & Land Management (EUALAAAB)

akta.pro secondary industries

Offshore Natural Gas E&P (Shallow & Deepwater) (EUAAAAAF), Onshore Natural Gas E&P (Conventional Fields) (EUAAAAAG)

Keywords

• Oil and gas exploration
• Upstream petroleum permits
• Farm-out agreements
• Royalty interests
• Frontier basin exploration

Headquarters

HQ city

Phoenix

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. Overriding Royalty Interest (ORRI): Liberty retains ORRI interests in farm-out agreements where operating partners fund exploration and development activities. The company earns royalty payments based on production without bearing operational costs or liabilities.
2. Carried Working Interest (CWI): Company retains carried working interests in exploration permits where farm-in partners fund the initial exploration costs. Liberty benefits from discoveries while partners bear the exploration risk.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Liberty Petroleum Corporation acquires government-granted onshore and offshore oil and gas exploration permits in frontier basins across Australia and Africa, then enters into farm-out agreements with world-class operating partners who fund seismic and drilling activities. The company retains Overriding Royalty Interests (ORRI) and Carried Working Interests (CWI), earning royalty payments on production while shielding itself from operational liabilities and capital costs.

Product overview

Liberty Petroleum Corporation is an independent energy company specializing in oil and gas exploration. The company acquires and holds onshore and offshore petroleum exploration permits and royalty interests in oil and gas-rich regions worldwide. Its portfolio includes exploration permits across Australia (Gippsland Basin, Browse Basin, Cooper/Eromanga Basin, Officer Basin) and Africa (Somalia, Liberia, Seychelles). The company operates through a farm-out model where it retains overriding royalty interests (ORRI) and/or carried working interests while attracting world-class operating partners to fund exploration activities.

Differentiator

Problem solved

Functional benefit

Products and services

• VIC/P77 Offshore Exploration Permit Offshore petroleum exploration permit in the Gippsland Basin, Victoria, Australia, awarded to Liberty in April 2021 with a proposed A$92.1 million work programme over six years including one exploration well.
• VIC/P78 Offshore Exploration Permit Offshore petroleum exploration permit in the Gippsland Basin, Victoria, Australia, awarded to Liberty in April 2021 with a proposed A$96.9 million work programme over six years including one exploration well.
• WA-315-P Offshore Permit Offshore exploration permit in the Browse Basin (North West Shelf), Australia. Liberty holds a royalty interest with ConocoPhillips/Santos as operator. Contains the Poseidon Discovery with 11 Tcf contingent reserves and 10 additional prospects.
• ATP 636 License (Cooper/Eromanga Basin) Onshore petroleum exploration permit in the Cooper/Eromanga Basin, Queensland, Australia. 2,590 sq km area with potential of 40 MMBO. Under farm-in contract with Santos Energy.
• Greater Poseidon Discovery Major gas/condensate discovery in permit WA-315, Browse Basin offshore Australia operated by Santos. Discovery has most likely contingent reserves of 11 Tcf and 108 million bbls condensate.
• Block 131 - Offshore Somalia Offshore petroleum block covering 5,000 km² on the northeastern flank of the Mid-Somalia High. Contains multiple proven petroleum systems including the giant Leopard Prospect estimated at multi-billion barrels.
• LB-32 - Offshore Liberia Offshore exploration block in the Harper Basin, Liberia. Estimated to contain approximately 4.5 billion barrels of unrisked resource potential. Operated by PetroQuest Liberia Deepwater, LLC.
• Beau Vallon and Junon Bank Blocks - Offshore Seychelles Offshore blocks (Beau Vallon and Junon Bank) covering approximately 8 billion barrels of oil potential. PetroQuest Seychelles LLC holds majority equity interest.
• Officer Basin Properties Frontier onshore exploration properties in Western Australia covering approximately 20 million acres. Targeting oil, gas, helium, and hydrogen opportunities with 49 mapped prospects and leads.

Quantifiable outcome

• Poseidon discovery rated as one of top 10 global discoveries in 2009
• +2 more outcomes

Named customers12 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

16 partnerships are on record, tiered core and minor.

• PetroQuest Africa CorporationcoreStrategic or Co-development Partner · 7 March 2024Liberty's affiliated company that signed three Production Sharing Agreements (Blocks 131, 190 & 206) with the Federal Government of Somalia for offshore petroleum exploration.
• ExxonMobilcoreStrategic or Co-development Partner · 1 January 2017ExxonMobil farmed into VIC/P70 permit from Liberty in the offshore Gippsland Basin. Drilled three wells (Hairtail, Baldfish, Sculpin) including Australia's deepest water drilling at Sculpin.
• ConocoPhillipscoreStrategic or Co-development Partner · 1 January 2006ConocoPhillips acquired 60% interest and operatorship of Browse Basin permits WA-314-P and WA-315-P through farm-out agreement. Successfully discovered the giant Poseidon gas/condensate field rated as one of top 10 global discoveries in 2009.
• SantoscoreStrategic or Co-development PartnerMajor Australian operating partner on multiple permits including Browse Basin WA-315P (Poseidon operator), Cooper/Eromanga Basins, and VIC/P70. Australia's largest domestic gas producer.
• Karoon GascoreStrategic or Co-development PartnerFarm-in partner on Browse Basin exploration permits. Holds 40% interest in WA-315P with ConocoPhillips as operator. Has over 50 years of geological/geophysical experience.
• Apache CorporationminorStrategic or Co-development PartnerPrevious exploration partner in Australian operations. One of the major independent oil and gas exploration companies globally.
• BHPminorStrategic or Co-development PartnerOperating partner on Gippsland Basin permits. Major diversified resources company with oil and gas operations since the 1960s.
• Cooper EnergyminorStrategic or Co-development PartnerOperating partner in Cooper Basin, Australia. Focused on exploration and production in Cooper/Eromanga, Gippsland and Otway Basins.
• Discovery EnergyminorStrategic or Co-development PartnerFarm-in partner on PEL 512 Licence in Western Flank of Cooper/Eromanga Basins, South Australia. Liberty retains ORRI in the license.
• SGH EnergyminorStrategic or Co-development PartnerOperating partner on VIC/L29 and VIC/P54 permits in Gippsland Basin. Subsidiary of Seven Group Holdings.
• Origin EnergyminorStrategic or Co-development PartnerPartner with interests in Browse Basin and various Australian basins. Acquired 40% interest in WA-315P from Karoon.
• PetroChinaminorStrategic or Co-development PartnerAcquired 20% interest in WA-315P offshore exploration permit in Western Australia's Browse Basin from ConocoPhillips.
• Senex EnergyminorStrategic or Co-development PartnerPartner operating oil fields in South Australian Cooper Basin. Produces over one million barrels of oil annually.
• Sundance EnergyminorStrategic or Co-development PartnerPartner company focused on large, repeatable resource plays from unconventional oil and gas formations in the United States.
• PetroQuest Seychelles LLCcoreStrategic or Co-development PartnerSubsidiary holding majority equity interest in Beau Vallon and Junon Bank offshore blocks in Seychelles, estimated at approximately 8 billion barrels of oil potential.
• PetroQuest Liberia Deepwater LLCcoreStrategic or Co-development PartnerSubsidiary operating Block LB-32 in Harper Basin, offshore Liberia, estimated at approximately 4.5 billion barrels of unrisked resource potential.

Scale indicators6 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• FAR Limited: Australian-listed junior oil and gas explorer with a frontier-asset, farm-out-driven model. Comparable to Liberty because FAR routinely acquires exploration permits and partners with majors (e.g., its Senegal-Boussoura program) while retaining carried interests.
• Panoro Energy: Africa-focused upstream E&P with operated and non-operated interests in West and North Africa. Comparable to Liberty in pursuing early-stage African acreage with farm-in partners and a royalty/carried-interest economic model.
• Senex Energy: ASX-listed upstream company focused on Cooper Basin gas and Surat Basin CSG. Comparable to Liberty as a partner on South Australian Cooper Basin permits with overlapping geology and a comparable small-cap Australian E&P profile.
• Cooper Energy: Australian operator in Cooper/Eromanga, Gippsland and Otway Basins. Comparable to Liberty because Cooper is both a partner (Cooper Basin) and a peer running a similar hybrid operator/non-operator model on southeast Australian acreage.
• Otto Energy: ASX-listed junior E&P with assets in Australia and overseas. Comparable as a small-cap non-operator explorer that relies on farm-outs to majors and retains overriding royalty or carried working interests.
• Karoon Gas: ASX-listed explorer and producer operating in Australia and South America. Comparable because Karoon has overlapping Browse Basin exposure (WA-315-P interest) and is both a partner and structurally similar junior explorer with farm-in activity alongside majors.
• Bounty Oil & Gas: Australia-listed junior explorer with a portfolio of exploration permits. Comparable to Liberty's Perth-basin style asset profile and prior connection through Liberty's Manager Global Geoscience Mark Sloan, who co-founded Bounty.
• Carnarvon Petroleum: Australia-based E&P company historically focused on the North West Shelf with a mixed operator and non-operator farm-out model (e.g., Dorado). Comparable to Liberty in targeting frontier-to-appraisal assets in Australian basins and attracting supermajor partners.

Broad incumbents

• Santos: ASX-listed integrated energy major operating the Browse Basin (Poseidon operator) and Cooper/Eromanga. Comparable to Liberty as a partner on multiple permits and as the broader incumbent shaping development timing for Liberty's key Australian royalty assets.
• ConocoPhillips: US-listed E&P supermajor and Poseidon operator in WA-315-P (alongside partner Santos). Comparable to Liberty as both a counterparty and the deep-pocketed incumbent whose FID decisions drive the trajectory of the franchise discovery in Liberty's portfolio.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/liberty-petroleum-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Liberty Petroleum