CARSON CITY, Nev., Aug. 1, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) and its joint venture partner, D-Mil Productions, report that the North Asher #1 drilling has produced significant indications of a commercially viable "show" of oil from a secondary formation, the "Earlsboro" geological structure, which is found at approximately 3,500 feet in depth. The Hunton-Viola structures have "shows" with potential, with indications of both oil and natural gas.
Drilling will continue to the base of the target structure, the "Wilcox" zone, to the total depth of approximately 4,700. The "Wilcox" formation is the primary drilling objective for this well, which seismic analysis indicates has the potential of over one million barrels (1,000,000) of in-ground reserves.
"The company is very pleased with the drilling results to date," states company President Douglas Tallant. "The Company's shareholders should be pleased with the end results of this drilling activity, which is the first of several prospects the Company plans to drill over the next 12-24 months."
It is anticipated that Halliburton will begin the process of electronic logging of the well early Tuesday. Upon completion of this process the company will determine which zone will be most economically productive under current conditions.
The Asher #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.
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.