Friendly Energy Exploration (OTCBB: FEGR) has signed a letter of intent to purchase 45% of the working interest of the Jacks B oil and gas lease in Young County, Texas.
The Jacks B Lease is an 80 acre lease with 22 oil wells. The company expects to finalize an agreement within 10 days.
According to the release, 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.
Friendly Energy is an exploration, development and production company based in Carson City, Nev.