SOURCE: Friendly Energy Exploration

February 28, 2012 17:00 ET

Friendly Energy Announces Additional Exploration Plans

BROWNWOOD, TX--(Marketwire - Feb 28, 2012) - Friendly Energy Exploration (OTCBB: FEGR) is pleased to announce the company is moving into the next development phase of its South Thrifty leases in Brown County, Texas by testing additional, productive formations in existing wells and drilling at least one new well.

Rick Hutchins, COO stated, "With natural gas pricing remaining low and with the majority of the wells in South Thrifty being gas wells, we have decided to test the shallower Caddo Limestone formation in a number of the lower producing gas wells. This formation principally is an oil bearing formation and has had a very good production life in wells in the region of South Thrifty. Electric and mud logs corroborate the presence of oil at the time of drilling, and with the price of oil continuing to increase, this is the opportune time to begin testing the Caddo in the existing wells."

With respect to drilling a new well, Hutchins also stated, "The Hunt Lease, also in South Thrifty, has had two excellent Ellenberger wells drilled on it which potentialed at close to 900 BOPD which was amazing for a formation less than 3,000 feet. Four years ago, a previous operator set surface casing for another well in between the two but never drilled it. We are preparing to continue the drilling of this well to test the Ellenberger which is highly fractured in the South Thrifty Field and has had flow rates during testing on two other wells as much as 200 barrels of oil in less than four hours. We are excited about the prospects of this well given the results of the others completed."

Doug Tallant, President of the company stated, "We remain committed to testing every possibility in the South Thrifty Field. We believe this is a great opportunity and the next course to pursue in Friendly's development plans to test and produce swallow, low risk prospects which have had excellent production histories in the region."

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.fegr.biz.

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

  • Contact:
    Sean Tallant
    1 970-464-2619