The Company continues to interpret the recommendations for Oil production from the multiple "Pay-zones" identified by its consulting geologist Mr. Ray Suhm, utilizing the electronic well log data of the North Asher No. 1 well, compiled by Halliburton analysts.
Once completed the company will begin to compile initial flow rates and other pertinent data required to complete an in-ground reserve study and economic evaluation.
"The arrival of the completion rig this week is a very significant milestone for the Company. It is anticipated that initial production from this well could begin as early as the first week of September, 2006," states company President Douglas Tallant. "We have identified significant oil reserves are present in multiple oil bearing zones."
This is the first of several prospects the Company plans to drill over the next 12-24 months.
The Asher No. 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.
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