CARSON CITY, Nev., Aug. 21, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) ("the Company") reports today that its joint venture partner D-Mil Productions anticipates on site, the completion rig for the North Asher No. 1, as early as the 22nd of August, 2006. The arrival of the completion rig initiates the final stages of development that is required to finish this well and start production of Oil and its equivalents from this prospect.
The Company continues to interpret the recommendations for Oil production from the multiple "Pay-zones" identified by its consulting geologist Mr. Ray Suhm, utilizing the electronic well log data of the North Asher No. 1 well, compiled by Halliburton analysts.
Once completed the company will begin to compile initial flow rates and other pertinent data required to complete an in-ground reserve study and economic evaluation.
"The arrival of the completion rig this week is a very significant milestone for the Company. It is anticipated that initial production from this well could begin as early as the first week of September, 2006," states company President Douglas Tallant. "We have identified significant oil reserves are present in multiple oil bearing zones."
This is the first of several prospects the Company plans to drill over the next 12-24 months.
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.