News: FDM FREEDOM OIL AND GAS LTD SIGNS CONTRACT WITH PATTERSON-UTI DRILLING COMPANY

Feb 6 (Reuters) - Freedom Oil And Gas Ltd (FDM) :

• PRESS RELEASE - FREEDOM CONTRACTS WITH PATTERSON-UTI DRILLING FOR HORIZONTAL DRILLING PROGRAM IN EAGLE FORD SHALE
• FREEDOM OIL AND GAS LTD SAYS SIGNING OF A CONTRACT WITH PATTERSON-UTI DRILLING COMPANY FOR DRILLING OF TWO WELLS IN EAGLE FORD SHALE
• FREEDOM OIL AND GAS LTD- ESTIMATES INITIAL WELL COST OF ABOUT $5 MILLION SHOULD DECLINE TO AROUND $4 MILLION PER WELL ONCE FULL DEVELOPMENT PROGRAM IS UNDERWAY
• FREEDOM OIL AND GAS - PATTERSON RIG IS CURRENTLY DRILLING ABOUT 50 MILES FROM CO'S ACREAGE, IS EXPECTED TO MOBILIZE TO FIRST CO'S DRILLING LOCATION IN APRIL