SOURCE: Friendly Energy Exploration
CARSON CITY, NV--(Marketwire - Feb 8, 2013) - Friendly Energy Exploration (OTCBB: FEGR) is pleased to announce it has signed a letter of intent to purchase 45% of the working interest of the Jacks B Oil & Gas Lease in Young County, Texas. This is an 80 acre lease with 22 oil wells. The company expects to finalize an agreement within 10 days.
Doug Tallant, President of Friendly Energy, stated, "The Jacks B Lease is currently producing 19 barrels per day from less than half of the wells. The remaining wells are expected to be reworked in the next two months. This will significantly increase production."
About Friendly Energy:
Friendly Energy is an exploration, development and production company in the Oil and Gas Exploration Industry. The company is focusing on low cost oil and gas recovery in the State of Texas. Friendly Energy is committed to building shareholder value by taking advantage of the current market pricing of oil and gas by developing undeveloped reserves with little downside risk. Please see the company's website: www.fegr.biz.
This news release contains information that is "forward-looking" in that it describes events and conditions, which Friendly Energy Exploration ("FEGR") reasonably expects to occur in the future. Expectations for the future performance of the business of FEGR are dependent upon a number of factors, and there can be no assurance that FEGR will achieve the results as contemplated herein and there can be no assurance that FEGR will be able to conduct its operations or production from its properties will result from or continue as contemplated herein. Certain statements contained in this report using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond the Company's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. FEGR disclaims any obligation to update any forward-looking statement made herein.