One of my corncerns........
What happened here?
Friendly Energy to Begin Drilling New Wells
Dec. 6, 2010 (Marketwire) --
CARSON CITY, NV -- (Marketwire) -- 12/06/10 -- Friendly Energy Exploration (OTCBB:
FEGR) is pleased to announce that they will begin drilling up to ten new wells and re-work one
existing well on two of its leases, the Byler lease and the Mud Creek lease. Drilling is expected
to begin on or before January 7, 2011.
Phase 1 of the drilling program will include the drilling of four new wells and re-working one
existing well. Phase two is expected to include the drilling of the remaining 6 new wells. Phase 2
is expected to start in the second quarter of 2011.
The company has agreed to terms with a group of private investors who have agreed to fund
$1,250,000 for the project. The terms of the agreement are such that the investors will own 49%
of the production rights to the wells while Friendly Energy will own the remaining 51%. No
securities were issued as part of this transaction.
"On each of the leases, we plan to drill five wells and re-work at least one existing well to the
Marble Falls formation at about 2,300 feet," said Doug Tallant, CEO of Friendly Energy. "These
leases also have shallower formations which could also be produced -- most notably the Fry
sands and the Caddo limestone formations. This allows us to drill and complete wells at a pace of
one well every 15-18 days. We estimate production will come in at 30 to 40 barrels of oil per day
(BOPD), per well."
Doug Tallant stated that, "We are extremely excited to begin drilling the new wells which should
allow the company to reach profitability much faster in 2011 than originally planned."
About Friendly Energy:
Friendly Energy is an exploration, development and production company in the Oil and Gas
Exploration Industry. The Company is focusing on low cost oil and gas recovery in the State of
Texas and Oklahoma. Friendly Energy is committed to building shareholder value by taking
advantage of the current market pricing of oil and gas by developing undeveloped reserves with
little downside risk.
