Friendly Energy Exploration Makes Progress with 'Significant Prospects'
Friendly Energy Exploration, previously, Friendly Energy Corp., reports that the Company, through its wholly owned subsidiary, Friendly Energy Services, Inc., has entered into a drilling contract with Ozona Natural Gas Company, L.L.C.
The company will be participating in the drilling of a development well located in the northern end of the prolific Forest City Basin in Southern Iowa.
It is anticipated that the initial drilling start date will be within the first two weeks of May 2008.
The company will have a 42.5% Working Interest and a 25% Net Revenue Interest of the first well and any subsequent wells drilled in an established area of mutual interest established by the drilling agreement.
"Friendly Energy is now moving forward in the identification and development of new significant prospects. This development well drilling program has the potential of a very significant discovery as indicated by the joint venture's petroleum geologists," states company President Douglas Tallant. "We expect that this prospect will allow the company the opportunity to execute upon its business plan of exploration and development of low risk potential oil producing properties, with significant upside for the company."
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