Friendly Energy Exploration announced Monday that it has acquired a 50% working interest in the South Thrifty lease in Central Texas. The property is situated in Brown County, Texas, approximately 5 miles north of Bangs, Texas.
The lease totals 981 acres of which approximately 60% is in defined oil fields. There are 25 well bores of which 24 are producers and one is a water injection well. The project has five tank batteries and all wells have production equipment in place. The primary production zone is the Ellenberger.
The South Thrifty Lease has a documented history of prolific production. Since the field was opened in the mid-80s there have been over 1.8 million barrels of oil and over 4.1 billion cubic feet of natural gas produced. This field has the capacity to have very large production wells. An example would be the Hunt A well which originally flowed at over 792 BOPD with an astonishing additional 19 million cubic feet of gas per day.
Doug Tallant, CEO of Friendly Energy, stated, "This is an amazing opportunity for Friendly Energy to immediately add up to an additional 100 BOPD to our production with very little costs. The real upside to this project is to initiate a secondary oil recovery by using the water produced from the Ellenburger as a drive mechanism to sweep and capture the original oil in place from the massive Chappel Reef complex. Our preliminary indications are that the South Thrifty Lease could have a minimum of 2 million and up to 7 million recoverable barrels of oil which will translate into a substantial amount of daily production."
With the addition of South Thrifty lease, the company will be the operator on over 2000 acres on five separate leases. Doug Tallant, CEO, stated, "By the end of April, Friendly will have forty wells operating with production expected at over 200 barrels a day. We are on target for producing over 300 barrels of oil per day in the coming fiscal year."
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