Welcome To Friendly Energy Exploration
Friendly Energy Exploration engages in the acquisition, exploration, and development of oil and gas properties in the United States. Our primary focus is on acquiring leases and wells in established fields to minimize risk, especially leases that have been poorly operated or shut in and that can be put back into production. In some instances, the Company will joint venture to further minimize risk and to add to its reserve base more quickly with a target to produce over 300 barrels per day in 2013.
The Company has acquired five oil & gas leases comprising 1,800 acres in Central Texas, 80 acres in North Central Texas, and 350 acres in South Texas. There are 34 production wells on the leases. The fields all have multiple, proven oil and gas bearing formations in addition to the ones from which they are producing, and with secured acreage, there are many opportunities for additional drilling.
In addition to the wells in operation, the Company has targeted 6 more existing shut in wells to place into production before March, 2013. Total production is estimated to be 100 barrels per day as a result of testing additional proven oil bearing formations within the existing well bores. This includes gas in 'equivalent' barrels. The Company also plans to drill at least four new wells in 2013 as further development of the existing leases continues.
Friendly Energy Exploration ( The ´´Company`` ) was formed under the laws of the State of Nevada on January 7, 1993, under the name Eco-Systems Marketing ( ´´Eco-Systems`` ) subsequently changed its name to Rama Financial Coporation in August 1997. In April 1999, the Company´s name changed to Friendly Energy Coporation and then again to Friendly Energy Exploration in March 2008. The Company is a fully reporting public Company. On March 9, 2000, the Company formed a wholly owned subsidiary named Friendly Energy Services, Inc. All Oil and Gas activities are conducted through this subsidiary except for work over and drilling operations. On March 3, 2010 the Company formed a wholly owned subsidiary named Friendly Energy Drilling, Inc. All major work over and drilling operation are conducted through this subsidiary.
The Company was originally incorporated to engage in any lawful activity for which corporations may be organized under the General Corporation Law of Nevada. From its inception in 1993 until 2005, the Company was primarily engaged in establishing itself as an electric service provider (“ESP”) for electricity in California after the State deregulated power. A few years later, the State reversed course and put ESPs out of business. Subsequently, the Company began marketing cogeneration equipment to companies concerned about high electricity prices and brownouts. For several years, the Company was dormant and then in 2005, it began investing in oil and gas joint ventures.
The Company is now in the business of oil and gas exploration and operations, and has found a niche market acquiring leases in established, low risk oil fields which have been poorly operated and shut-in. In the past four years, the Company acquired four oil and gas leases in Texas. The Company is a registered, “bonded” operator in Texas (Operator No. 286572). Therefore, the Company is in full control of all operations.
Overview and Mission
Our primary focus is on acquiring leases and wells in established oil fields to minimize risk. We expect to build share value through revenue from oil & gas wells . The Company’s four oil & gas leases have several proven oil and gas zones, and there are many opportunities for in-fill drilling. The Company plans to acquire additional leases in the future.