CARSON CITY, Nev., July 25, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) reports today that the drilling has attained a total depth of 2600 feet to date. The total depth to reach the target formation is approximately 4600 feet. The company's joint venture partner, D-Mil Productions reports that the well logging process is anticipated to commence as early as Friday, July 28th and as late as Monday, July 31.
The company also reports that it has contracted with Jerry Scott Drilling to provide the Drill Rigs to drill an additional four wells every two weeks commencing October 1st 2006. The subsequent drill dates are expected to be: October 15th 2006, November 1st 2006 and November 15th 2006. "The company is very pleased to announce that the drilling of this well has progressed to the current depth without delay," stated company President Douglas Tallant. "We anticipate reaching the target formations within the next 7 days."
Friendly Energy is committed to the exploration and development of its prospects to take advantage of the current market pricing in the price of oil and gas by developing undeveloped reserves with little downside risk.
The Asher No. 1 Prospect is located on the western edge of the giant St. Louis oil field in Pottawatomie County, Central Oklahoma. The St. Louis field has produced over 300 million barrels of oil and 26 billion cubic feet of gas from reservoirs of the Earlsboro sand (Pennsylvanian), Hunton and Viola.
Estimated reserves for the Asher prospect are indicated to be 350,000 barrels of oil.
Friendly Energy is a development stage company in the Oil and Gas Exploration Industry.
For additional information: www.fdeg.biz
This news release contains information that is "forward-looking" in that it describes events and conditions, which Friendly Energy Inc. ("FDEG") reasonably expects to occur in the future. Expectations for the future performance of the business of FDEG are dependent upon a number of factors, and there can be no assurance that FDEG will achieve the results as contemplated herein and there can be no assurance that FDEG 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. FDEG disclaims any obligation to update any forward-looking statement made herein.