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It is anticipated that the reworking of these wells could enhance daily production to the 50 barrel per day per well level, with the addition of natural gas production yet to be determined.
"This has the potential for providing the company with positive cash flow on a consistent basis over the near term. These wells provide the potential for the development of an oil producing field from a proven geological formation," states Company President, Douglas Tallant. "These proven producing wells provide the company with the opportunity to gain a significant reserve base of proven developed reserves, if successful, that will enable the company to leverage its further development to the next level as an oil production and exploration company."
The company has a 100% Working Interest and a 80% Net Revenue Interest of the Twelve well Panther Creek Prospect.
Friendly Energy is committed to the exploration and development of its prospects to take advantage of the current market pricing in the price of oil and gas by developing undeveloped reserves with little downside risk.
Friendly Energy is a development stage company in the Oil and Gas Exploration Industry.
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.
For Additional Information: BearPaw Marketing Sean Tallant 1 970 434 4297
SOURCE: Friendly Energy Exploration
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