Well well well FEGR bought 10 gas leases in Crockett county Tx, surprise surprise another STINKSHEET in the game, and this one has Jim Dial all over it....
Friendly Energy Acquires Ten Natural Gas Drilling Sites, Options Forty Additional Sites
CARSON CITY, NV -- (Marketwire) -- 11/12/08 -- Friendly Energy Exploration. (PINKSHEETS: FEGR) The Company announces today that it has acquired ten natural gas drilling sites and optioned forty additional sites located in the Molly Murphy Gas Field, Crockett County, Texas.
The company will be targeting the Wolfcamp Sand structure, which is determined to be located near the 5500-foot depth zone. Based upon production figures of wells in the same field, producing from the targeted Wolfcamp Sand structure, it is anticipated that initial production from these shallow wells will be approximately 200 mcf of gas per day.
The company has negotiated a 100% Working Interest with a 65% Net Revenue Interest. The cost to drill each well is determined by a turnkey contract with a cost of $720,000.00 per well.
"Friendly Energy is pleased to acquire these ten drill sites in a proven gas field," states company president Douglas Tallant. "The company expects to initiate the drilling of the first well in the next thirty days."
"Friendly Energy is committed to the exploration and development of its prospects to take advantage of the current market pricing in the price of oil and gas by developing undeveloped reserves with little downside risk."
Friendly Energy is a development stage company in the Oil and Gas Exploration Industry.
For Additional Information: www.FriendlyEnergyCo.com
REMEMBER THIS NEWSPAPER ARTICLE THAT WAS UNCOVERED BACK IN SEPTEMBER POSTED ON RB:
06 Sep 2008,
reply best2listen.
The most recent drilling was done by Ozona Natural Gas in a partnership with Friendly Energy Corp., a Nevada-based firm.
Friendly Energy has issued public statements saying the drilling found some oil, but it wasn't sufficient for commercial production. Company President Douglas Tallant said in a press release the firm is "analyzing the potential for development of this prospect as a gas-producing property."
Jim Dial, president of Ozona Gas, said in a telephone interview that the Red Oak-area well has been designated a "tight hole." This means all information about the drilling is being kept confidential for one year for competitive reasons.
"Unfortunately, this is a cutthroat business ... and we have a tremendous amount of money at risk by going and drilling a development well," Dial said.
Friendly Energy Corp. is a public company traded on the over-the-counter stock market.
