SOURCE: Friendly Energy Exploration

March 09, 2010 09:00 ET

Friendly Energy Exploration Forms New Subsidiary, Acquires Two Service Rigs

CARSON CITY, NV--(Marketwire - March 9, 2010) - Friendly Energy Exploration (PINKSHEETS: FEGR) is pleased to announce that the company has created a wholly owned subsidiary called Friendly Energy Drilling Inc., a Nevada corporation. The company will be the operational/production subsidiary of the parent company. The company has already entered into a dry lease for a pulling rig and a work over rig. Doug Tallant, CEO of Friendly stated: "The decision to get our own equipment was simple economics. We are putting up to 60 wells into production over the next year and by doing the work ourselves with our own crew, we will save up to 50% of the costs of contracting it out and will be able to accelerate the rate at which we put our inventory of wells back into production." The company will immediately mobilize the work over rig to its Byler lease to prepare its eleven wells for immediate production.

Doug also stated: "The company is also looking to lease its own 5,000 foot drilling rig, making the company completely self sufficient, allowing us to work more efficiently and economically. We have several very positive drilling sites on our leases, especially on the newly acquired South Thrifty field and we do not want to be reliant on outside contractors to secure these rigs. In the past we have waited several months for a rig." Doug added: "Having our own drilling rig and having operator status in the State of Texas will open up many opportunities for the company. We have already been presented with several joint venture projects."

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