SOURCE: Friendly Energy Exploration

February 09, 2010 09:00 ET

Friendly Energy Acquires the Hutchins Lease in Central Texas

CARSON CITY, NV--(Marketwire - February 9, 2010) - Friendly Energy Exploration (PINKSHEETS: FEGR) is pleased to announce that the company has acquired another lease in Central Texas. The Hutchins lease totals 194 acres of which approximately 25% is in defined oil fields. There are four Fry Sand wells and one Chappel Reef well. The latter well was the discovery well for the Chappel Reef and has 300 feet of potential oil and gas bearing sands. Historically, there were good oil shows which could produce 35 to 40 BOPD, but the gas was even better with maximum open flow potential around 2,500 MCF per day. In previous production, the Chappel Reef well produced 500 MCF per day with gradual decline. These wells were plugged in 2001 when the operator had financial problems and oil and gas prices were very low. Friendly expects to re-enter the Chappel Reef well within the next month and also open up one of the Fry Sand wells. Doug Tallant, CEO of Friendly Energy, stated, "We believe there is still very good potential on the Hutchins Lease. The existing wells will provide very low cost, low risk production almost immediately but the potential for in-field drilling to access the prolific Chappel Reef sands is enormous."

The company is making tremendous progress on its re-work program at all four of its leases. Doug Tallant, CEO, stated, "By the end of March, Friendly will have twenty two wells operating with production expected at over 100 barrels a day. The company is also looking to acquire additional leases and is presently completing due diligence on several prospects. We are on track to meet our goal of producing 300 barrels of oil per day in the coming fiscal year."

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. Please see the company's website:

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 Information

  • For Additional Information:
    Sean Tallant
    1 970 434 4297