CARSON CITY, Nev., July 27, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) reports today that the drilling has attained a total depth of approximately 3300 feet as of July 26th. The progress has been slowed due to mechanical difficulties with the State-required environmentally protective "Closed Tank System" and a mud-pump failure which cost a total of twenty-one hours of drilling time over the last forty-eight hours. The company's joint venture partner, D-Mil Productions reports that the drilling has proceeded, without delay since repair, with three crews working eight hours per shift, twenty-four hours per day. It is anticipated that the well logging will begin late Sunday or early Monday as previously reported, delayed marginally by the drill rig down time.
"The delay in progress due to mechanical issues is not uncommon in any drilling venture," states company President Douglas Tallant. "The Company's joint venture partner D-Mil Productions has been pro-active in the timely resolution of the mechanical difficulties in order to maintain the projected completion schedule. We anticipate reaching the target formations within the next 7 days as indicated."
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 #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 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.