CARSON CITY, Nev., July 18, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) announces today that its joint venture partner, D-Mil Productions has confirmed that the Drill Rig from Jerry Scott Drilling is in the process of moving onto the North Asher No. 1 Prospect and will be assembled over the next 24-36 hours.
It is anticipated that the Rig will be ready to "Stub-In" the Asher No. 1 as soon as it is assembled. "The company is very pleased to announce that the drilling of this well will commence within the next few days," states company President Douglas Tallant. "With Oil prices exceeding $75.00 per Bbl, we are excited by the potential of this prospect as a company and expect this Oil well to be very successful.
"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.
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.