CARSON CITY, Nev., March 15, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG): The Company announces today that it has entered into a formal joint venture agreement to participate in the Asher Prospect located on the western edge of the giant St. Louis oil field in Pottawatomie County, Central Oklahoma.
The company has negotiated the acquisition of a 50% (W.I.) Working Interest with a 41.25% (NRI) Net revenue Interest, on the first of three potential wells drilled on the Asher Prospect.
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, however with a comprehensive seismic conformation the potential reserves could exceed in ground reserve calculations.
"This joint venture is the first of many potential joint-ventures that the company is reviewing at this time to further enhance shareholder value," states company President Douglas Tallant. "Due to the delay in rig delivery to the Peach Creek Prospect, the Company is seeking other drilling opportunities while awaiting an available drill rig. While we regret the delay in our ability to drill the Peach Creek West prospect according to the anticipated time frame, Friendly Energy Corp. is committed to acquiring a drill rig for this prospect as soon as possible."
The company is in the final stages of completing updating its periodic reporting obligations, including all corporate financial audits required under the 12-g reporting act, and anticipates to have all financial information current and filed with the securities exchange commission within thirty days.
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.