SOURCE: Friendly Energy Exploration

March 12, 2010 09:00 ET

Friendly Energy Exploration Makes First Sale of Oil

CARSON CITY, NV--(Marketwire - March 12, 2010) -  Friendly Energy Exploration (PINKSHEETS: FEGR) is pleased announce that the company has sold its first shipment of oil after about a month's delay due to inclement weather. This is a significant milestone for the company. The company has worked hard this past month working out the logistics and preparing the equipment to begin weekly sales of oil. Douglas Tallant, President and CEO, stated, "We are now generating revenue from production and with this cash flow we expect to accelerate our production plan. This first oil came from our Panther Creek lease and we are building a new tank farm on the Byler lease. We purchased two 210 barrel tanks with all the needed equipment so we can start production on the Byler lease."

Mr. Tallant summarized the tremendous progress the company has made in the last two months, "We will have seven production wells at Panther Creek, along with the eleven wells that we are putting on-stream at Byler. In addition, we have begun production testing on our South Thrifty lease which has twenty four wells. This should push our daily production to over 100 barrels a day by next month and go a long way to 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: 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