Friendly Energy Exploration is an exploration, development, and production company. They focus on low cost oil and gas recovery in the State of Texas and Oklahoma. Their commitment is to building shareholder value by taking advantage of the current market pricing of oil and gas through the development of undeveloped reserves with little downside risk. Friendly Energy has their headquarters in Carson City, Nevada.
The company has acquired five oil & gas leases on 2,036 acres in Central Texas. This includes 48 producing and shut-in wells. Approximately 1,100 acres are in defined oil & gas fields. These fields have several proven oil and gas zones and there are many opportunities for in-fill drilling. There are seven main oil and gas zones underlying the five leases: Fry Sands, Gray Sands, Caddo Limestone, and Marble Falls falling between 1,200 and 2,700 feet; Chappel Reef wells at approximately 2,300 feet; and the Ellenberger at a depth of 2,600 feet. Furthermore, the Barnett Shale is between the Marble Falls and Mississippian Chappel Reef.
Friendly Energy’s Panther Creek Lease totals 115 acres of which approximately 70 percent is in a defined Fry Sand oil field. Of the thirteen wells, one is a water supply well, three are water injection wells and nine are Fry Sand wells. Their Byler Lease totals 372 acres of which approximately 57 percent is in a defined Fry Sand oil field. Of the seventeen wells, two are water injection wells, eleven are Fry Sand wells, and four are Marble Falls Limestone wells. The company’s Mud Creek Lease totals 355 acres of which approximately 56 percent is in a defined Fry Sand oil field. The company plugged eight wells that had been producing. There exist a number of opportunities for in-fill drilling.
The company also has their Hutchins Creek Lease. The Hutchins #1 was drilled in May 1983 as a Wildcat. After drilling through three zones indicating excellent potential, the Hutchins encountered a hydrocarbon bearing formation at 2,280 feet. This had not been encountered in any other well in Brown County. The Hutchins well is credited with being the discovery well for one of the largest productive Mississippian reefs in the state of Texas. It is also credited as the discovery well for one of the most productive fields discovered in Brown County in the last half of the century. Friendly Energy’s South Thrifty Lease has a history of production. Since the field opened in the 1980′s, there have been more than 180,000 barrels of oil produced and over 4.1 billion cubic feet of natural gas produced from this field.
Last Friday, Friendly Energy Exploration announced that they would soon be re-entering several dormant wells for testing on their Byler Lease in Brown County, Texas.
Mr. Rick Hutchins, COO, stated, “The current wells producing are wells which were selected months ago to rework in order to determine the steps to take on the Byler lease. The rework on these wells has been successful, and we believe warrants moving to others on the lease for reworking purposes rather than plugging them.”
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