Friendly and Chesapeake Strike Deal on Peach Creek West
Friendly Energy Corp. said that it has entered into a participation agreement with Chesapeake Energy Corporation, Chesapeake Operating Inc. and Chesapeake Exploration Limited Partnership of Oklahoma. The Participation agreement is initially limited to Friendly Energy's Peach Creek West Prospect. Friendly Energy has identified several potential drilling targets from recent confirmation seismic lines commissioned to determine initial drilling locations for exploration drilling scheduled to begin prior to years end, subject to drill rig availability. Data compiled from the company's geologist indicates significant potential for a commercial discovery.
The terms of the Participation agreement give Chesapeake the right of first refusal to participate as a 50% working Interest Partner subject certain terms and conditions, which will be determined on a case by case basis. "We are pleased to announce our Participation agreement with the Chesapeake Group," states company President Douglas Tallant. "The company anticipates developing the Peach Creek West Prospect to its fullest potential with a Participation partner as accomplished as the Chesapeake Group has demonstrated to be.''
Friendly Energy is a development-stage company in the oil and gas exploration industry.
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Company: Friendly Energy Corp. more info
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