SOURCE: Friendly Energy Exploration

March 31, 2010 09:00 ET

Friendly Energy Exploration Reaches Oil Production Milestone

CARSON CITY, NV--(Marketwire - March 31, 2010) -  Friendly Energy Exploration (PINKSHEETS: FEGR) is pleased announce that the company continues to make significant operational progress as it moves from a development company to a production company. The company now has three wells pumping and one flowing producing 22 barrels a day. This milestone was accomplished by mobilizing its newly acquired 6000 foot work over service rig to service three oil wells: the South Thrifty Thompson, Panther 3A and Panther 3B. The rig has now been moved over to the Panther 4A where the pipe and rods will be replaced and the hole swabbed. The company expects to service another three oil wells this week and have the Panther Creek lease in full production.

Additionally, the company also took delivery of the chemicals required to start up the gas sweetener on the South Thrifty field. This will allow the company to turn on 15 gas wells and put this gas production on stream. The company will report on this production in the coming weeks. Doug Tallant, President of Friendly, stated, "This is a very exciting time for Friendly Energy. We are now in production from our Panther Creek lease and we are completing our new tank farm on the Byler lease. We will move our service rig over to the Byler next week and start production there. The gas wells on South Thrifty are being turned on this week and we have two crews working six days a week. The hard work and expense of building our infrastructure in the last three months will now result in the company building its daily production very rapidly."

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