Friendly Energy has brought online the seventh of ten wells on the Panther Creek Prospect rework program.
Oil production from these wells, as they have been brought online, is consistent with expectations, with the exact flow figures yet to be determined on a well by well basis. Currently the existing tank battery is holding over 620 barrels of oil, with the company working to expand existing storage capacity.
The company is continuing to pursue the bonding and licensing process in order to achieve "Operator" status in an effort to maximize the percentage return to the company upon the sale of the onsite oil in storage.
The progress for the reworking of these wells is consistent with the overall plan to bring online all ten wells by year end.
The company also reports that it is moving forward to bring online four of the nineteen existing wells recently acquired on the Byler Lease, which is reported as an acquisition of over six hundred acres of Barnett Shale lease property.
"The company is very pleased with the progress of the rework programs of the Panther Creek Prospect and the Byler Lease," states Company President, Douglas Tallant. "The company anticipates that four of the nineteen Byler Lease wells will be brought online in the very near future. The company is well on track to meet its target production levels of 300 barrels of oil per day."
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