Friendly Energy Exploration Spins Off Drilling Subsidiary
Friendly Energy Exploration has created a wholly owned subsidiary called Friendly Energy Drilling Inc., a Nevada corporation. The company will be the operational/production subsidiary of the parent company. The company has already entered into a dry lease for a pulling rig and a work over rig.
Doug Tallant, CEO of Friendly stated, "The decision to get our own equipment was simple economics. We are putting up to 60 wells into production over the next year and by doing the work ourselves with our own crew, we will save up to 50% of the costs of contracting it out and will be able to accelerate the rate at which we put our inventory of wells back into production." The company will immediately mobilize the work over rig to its Byler lease to prepare its eleven wells for immediate production.
Doug also stated, "The company is also looking to lease its own 5,000 foot drilling rig, making the company completely self sufficient, allowing us to work more efficiently and economically. We have several very positive drilling sites on our leases, especially on the newly acquired South Thrifty field and we do not want to be reliant on outside contractors to secure these rigs. In the past we have waited several months for a rig." Doug added, "Having our own drilling rig and having operator status in the State of Texas will open up many opportunities for the company. We have already been presented with several joint venture projects."
- Friendly Energy Boosts Production in Tx. (Apr 21)
- Friendly Energy Opens Arms to Repurchase Stock (Apr 07)
- Friendly Energy All Smiles Over Operational Transition (Mar 31)