CARSON CITY, Nev., Aug. 10, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) reports today that it has received recommendations from its consulting geologist Mr. Ray Suhm, derived from interpreting the electronic well log data of the North Asher #1 well, compiled by Halliburton analysts.
The electronic logging process has identified "several structures for development" ranging in depth from the deepest zone at 4500 feet, with the shallowest zone being 3700 ft. Primary recommendations are to develop to production the #1 Wilcox Sand, the Viola Dolomite, the Viola Limestone and the Earlsboro Sand formations. Secondary reservoirs which should be tested include the Hunton limestone and the Red Fork Sand.
High connection gas on both mud log and electric log suggests the presence of significant oil presence in the Viola Dolomite structure.
The Earlsboro Sand had excellent oil shows, and streaming oil cuts from samples during drilling. Data indicated that oil is attempting to enter the borehole, which may be caused by "Virgin pressure" since this structure is not currently in production from nearby wells.
"The Company is very pleased to have completed the drilling to depth. The electronic logging of this well has provided positive results to date," states company President Douglas Tallant. "Results indicate significant oil reserves are present and merit further development. The company is moving forward to complete to production this well to establish reserves as a commercial prospect. This is the first of several prospects the Company plans to drill over the next 12-24 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.
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.