Friendly Energy Acquires Ten Natural Gas Drilling Sites, Options Forty Additional Sites
Friendly Energy Exploration. announces that it has acquired ten natural gas drilling sites and optioned forty additional sites located in the Molly Murphy Gas Field, Crockett County, Texas.
The company will be targeting the Wolfcamp Sand structure, which is determined to be located near the 5500-foot depth zone. Based upon production figures of wells in the same field, producing from the targeted Wolfcamp Sand structure, it is anticipated that initial production from these shallow wells will be approximately 200 mcf of gas per day.
The company has negotiated a 100% Working Interest with a 65% Net Revenue Interest. The cost to drill each well is determined by a turnkey contract with a cost of $720,000.00 per well.
“Friendly Energy is pleased to acquire these ten drill sites in a proven gas field,” states company president Douglas Tallant. “The company expects to initiate the drilling of the first well in the next thirty days.”
“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.
For Additional Information: www.FriendlyEnergyCo.com
