Looking at a big day today. Here's the latest, $10mil in funding:
Friendly Energy Receives Financial Commitment for Production Acquisition
Monday August 11, 4:27 pm ET
CARSON CITY, NV--(MARKET WIRE)--Aug 11, 2008 -- Friendly Energy Exploration (Other OTC:FEGR.PK - News) -- The Company announces today that it has received revised terms of a 10 million dollar commitment to fund, previously issued to the company by Syndication Capital L.L.C.
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The company previously had entered into a letter of Intent with Syndication Capital for the purposes of syndicating interests of the Peach Creek West Prospect, which was not pursued by the company due to its involvement in the North Asher #1 well.
The company has contracted with Syndication Capital L.L.C. for the purpose of selling participation units, of existing and producing wells, or proven production as well as a multi well development program. The company has not been able to draw against the existing 10 million dollar commitment under the previous conditions' precedent to allow the company further growth.
Under the new revised terms of the financial commitment the company will be focusing on the acquisition of existing production, with the development of infield drilling opportunities the primary focus for any new drilling activities.
"I am very pleased with the change in the terms for qualification in the funding commitment that provides for the draw down to acquire existing production, which under previous terms the company was required to own the production outright in order to qualify for a draw down," states Company President, Douglas Tallant. "The company is now actively searching for existing production to acquire in addition to any infield drilling opportunities for both oil and gas."
