CARSON CITY, Nev., July 20, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) announces today that the North Asher #1 prospect will Stub-In" this morning. The Drill rig has arrived and has been assembled and is ready to commence drilling.
"The company has been anticipating this day for many months," states company President, Douglas Tallant. "This is the beginning of many wells that Friendly Energy will be drilling over the next 36 months. We anticipate that the prospects the company has identified for development will provide significant shareholder value in the near future. With oil prices at all time highs, Friendly Energy is pleased to commence on its commitment to its shareholders by drilling the first of many development wells over the next 36 months."
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.
Visit the corporate website at www.fdeg.biz for updated photos of drilling progress as they are posted at the end of each day.
Friendly Energy is a development stage company in the Oil and Gas Exploration Industry. The company 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.
For Additional Information: www.fdeg.biz Contact: Douglas Tallant -- President, Friendly Energy (702) 953-0411
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.