Friendly Energy Confirms Drilling Date Thursday April 20, 10:12 am ET
CARSON CITY, Nev., April 20, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Other OTC:FDEG.PK - News) announces a Corporate update regarding the joint venture drill date and other matters. ADVERTISEMENT
The Company's joint venture partner reports that the anticipated drill date of May 3, 2006 is intact and the drill rig arrival is expected as planned.
The company previously reported that through its joint venture partner it has acquired a 50% working interest, with a 44% net revenue interest for the development of the Asher Prospect, in error. The Company has acquired 50% working interest and a 37% net revenue interest.
The Company reports that it continues to complete the required filings to bring the company current under its reporting obligations. It is anticipated that the auditor will have completed the audits and all filings will be filed by May 1, 2006.
``We are pleased that the drill rig is on schedule and drilling will begin as planned,'' states company President Douglas Tallant. ``With the current price of oil reaching a high of over $74.00 per barrel recently, the company is poised to capitalize significantly through the development of these prospects. We anticipate that upon completion of drilling, both the joint venture prospect and the Peach Creek West prospect, the company will have a significantly higher market valuation than the current share price reflects.''
The company continues to lease additional surrounding acreage in the area for further exploratory development.
Friendly Energy is a development stage company in the Oil and Gas Exploration Industry.
Posted by tom.c on :
earlier news from yahoo finance --------
Friendly Energy Corp. Enters Into Joint Venture Negotiations Monday March 13, 9:30 am ET
CARSON CITY, Nev., March 13, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Other OTC:FDEG.PK - News) (``The Company'') announces today that it has entered into negotiations to joint venture the Asher Prospect located on the western edge of the giant St. Louis oil field in Pottawatomie County, Central Oklahoma. ADVERTISEMENT
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.
``The Company is extremely pleased to announce this potential joint venture,'' states company President Douglas Tallant. ``With this joint venture the company will be actively drilling, while waiting for rig delivery to drill the Peach Creek Prospect.'' The company had plans to begin drilling in the first quarter 2006, subject to drilling rig availability, however delays in the rig's availability have made it necessary to revise the company's drilling plans. It is still undetermined when the drilling rig will be made available, however the company remains diligent in its efforts to acquire a drilling rig as soon as possible.
Friendly Energy is a development stage company in the Oil and Gas Exploration Industry.
Posted by pocoloco on :
FDEG has got to be one of my fav oil stocks. Looks like it might hit $0.15 soon!
Posted by tom.c on :