CJM Trust has cancelled the proposed LOI with Friendly Energy Corp (FEGR) for a 45% working interest in the newly discovered field on the Jacks "B" Lease located in Young County, Texas.
CJM Trust ("CJM"), owner of a new oil field discovery in Young County Texas, has terminated the proposed Letter of Intent (LOI) with Friendly Energy (FEGR) for a 45% (forty five percent) working interest in the Jacks B Lease. CJM has determined that Friendly Energy is too small to absorb the production and notified Friendly this week that the project would be cancelled. CJM Trust will continue to pursue a public company merger and is currently looking for future candidates.
About CJM Trust: CJM Trust is the holding company for Oil and Gas properties discovered using the proprietary technology of Radar Satellite Solutions. Radar Satellite Solutions uses remote sensing, ground penetrating radar, and extreme low frequency detection (ELF) to help find oil and gas reservoirs and drilling locations.
The Jacks lease has not produced more than 2 barrels of production per day since the late eighties, and Radar Satellite Solutions has used their technology to re-complete seven of the wells to peak production of nineteen barrels of oil per day. Radar Satellite Solutions is perforating in new zones and re-completing two wells every few weeks. This should double current production within the next few months. Currently, several different technologies are being utilized on the re-completion side including alkaline flooding and other surfactant chemistry.
CJM is currently looking for other public partners for this project. The lease currently produces nineteen barrels of oil per day with the potential for multiple other drilling locations.