CARSON CITY, Nev., Nov. 8, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) reports today that it has entered into a participation agreement with Chesapeake Energy Corporation, Chesapeake Operating Inc. and Chesapeake Exploration Limited Partnership of Oklahoma. The Participation agreement is initially limited to Friendly Energy's Peach Creek West Prospect. Friendly Energy has identified several potential drilling targets from recent confirmation seismic lines commissioned to determine initial drilling locations for exploration drilling scheduled to begin prior to years end, subject to drill rig availability. Data compiled from the company's geologist indicates significant potential for a commercial discovery.
Chesapeake Energy Corporation, Chesapeake's common stock has traded on the New York Stock Exchange since 1993 under the symbol "CHK."
Friendly Energy Corporation common stock is traded currently under the symbol Pink Sheets:FDEG on the OTC.
The terms of the Participation agreement give Chesapeake the right of first refusal to participate as a 50% working Interest Partner subject certain terms and conditions, which will be determined on a case by case basis.
"We are pleased to announce our Participation agreement with the Chesapeake Group," states company President Douglas Tallant. "The company anticipates developing the Peach Creek West Prospect to its fullest potential with a Participation partner as accomplished as the Chesapeake Group has demonstrated to be."
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.
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