SOURCE: Friendly Energy Exploration

January 05, 2010 11:00 ET

Friendly Energy Exploration Moves Towards Production

CARSON CITY, NV--(Marketwire - January 5, 2010) - Friendly Energy Exploration (PINKSHEETS: FEGR) is pleased to provide a review of the past 6 months of corporate activity as we move towards production. Friendly has completed several strategic milestones in the last six months. We have acquired 3 significant land packages in Texas, which represent the potential of approximately 38 oil and gas wells. To date we have recompleted and put 7 of these wells into production. A summary of our projects are:

MUDCREEK

--  355 acres of which approximately 56% is in a defined Fry Sand oil
    field.
--  Eight wells that had been producing were plugged several years ago
    and we expect to re-enter all eight wells
--  A new tank farm and other infrastructure are needed on the Mud Creek
    lease
    

BYLER

--  372 acres of which approximately 57% is in a defined Fry Sand oil
    field.
--  Potential of 17 wells for this property
    

PANTHER CREEK

--  115 acres of which approximately 70% is in a defined Fry Sand oil
    field.
--  There are 13 wells that can be put back into production
--  Also has a 630 barrel tank farm and infrastructure work is completed.
    

Production from our seven working wells was suspended back in November as our oil storage capacity reached its limit and we are awaiting the final acceptance of our operator's license from the Texas Railroad Commission. We believe that these three leases could produce 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: 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 Information

  • For Additional Information:
    Sean Tallant
    1 970 434 4297