Friendly Energy Acquires Ten Natural Gas Drilling Sites, Options Forty Additional Sites
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
This news release contains information that is “forward-looking” in that it describes events and conditions, which Friendly Energy Exploration. (“FEGR”) reasonably expects to occur in the future. Expectations for the future performance of the business of FEGR are dependent upon a number of factors, and there can be no assurance that FEGR will achieve the results as contemplated herein and there can be no assurance that FEGR will be able to conduct its operations or production from its properties will result from or continue as contemplated herein. Certain statements contained in this report using the terms “may,”"expects to,” and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond the Company’s ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. FEGR disclaims any obligation to update any forward-looking statement made herein.
Contact: BearPaw Marketing www.BearPawMarketing.com Sean Tallant 1 970 434 4297
SOURCE: Friendly Energy Corp.