CJM and JBA Cancels FEGR LOI
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.
Dallas, TX, February 16, 2013 --(PR.com)-- CJM Trust ("CJM"), and JBA Operating Inc are owners 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 and
JBA 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 and Brandon Maloy CEO of JBA Operating 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 and JBA Operating Inc. 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 B 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 twenty one shut in 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 and JBA 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. For information on
Radar Satellite Solutions technology please vist there website. Radar Satellite Solutions
Radar Satellite Solutions
Contact via Email
Online Version of Press Release:
You can read the online version of this press release at: http://www.pr.com/press-release/473190