Friendly Energy Corp.: Oil and Gas Drilling Subsidiary Establishedadmin
Friendly Energy Corp. (Other OTC:FDEG.PK) announces today that the company has created a wholly owned subsidiary, for the purpose of establishing a Oil and Gas drilling division. Management has entered into discussions with a manufacturing agent for the purpose of contracting the construction and assembly of a drill rig capable of drilling to a total depth of 7500 ft.
“The Company is moving into the business of creating its own drilling subsidiary to take advantage of the significant business opportunity the shortage of drilling rigs has created,” states company President Douglas Tallant. “There is currently such a high demand for drill rigs due to the current price of oil that the cost of rig rentals has almost doubled, and delays in rig deliveries can be as long as 12 months. The Company plans to acquire or construct a drill rig for the purpose of developing the Company’s other prospects to their fullest potential simultaneously with the contract drill rig the Company has reserved for the Peach Creek West Prospect. This will allow the Company to maximize these prospects without the delay in drill rig acquisition the Company currently is experiencing.
“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.”
The Company reports that the road construction and site development for the Company’s joint venture of the Asher #1 Prospect is nearing completion. It is anticipated that all site preparation work will be completed in the next 10 days. The Asher #1 Prospect is located on the western edge of the giant St. Louis oil field in Pottawatomie County, Central Oklahoma.
The St. Louis field has produced over 300 million barrels of oil and 26 billion cubic feet of gas from reservoirs of the Earlsboro sand (Pennsylvanian), Hunton and Viola. Estimated reserves for the Asher prospect are indicated to be 350,000 barrels of oil.
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 Inc. (“FDEG”) reasonably expects to occur in the future. Expectations for the future performance of the business of FDEG are dependent upon a number of factors, and there can be no assurance that FDEG will achieve the results as contemplated herein and there can be no assurance that FDEG 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. FDEG disclaims any obligation to update any forward-looking statement made herein.
Friendly Energy Corp. Douglas Tallant, President (702) 953-0411
Source: Friendly Energy Corporation