CARSON CITY, Nev., June 20, 2005 (PRIMEZONE) -- Friendly Energy Corporation's (Pink Sheets:FDEG) board of directors previously announced that the company has entered into an option agreement to participate with American Stellar Energy, Inc., and Koko Petroleum, Inc. in the exploration and production of Corsicana Field.
The option, which had initially given the company 30 days to conclude its due diligence and identify a drilling target has been extended to 90 days from the original date of May 24, 2005. This allows the company the required additional time to develop its drilling plan internally, without compromising its ability to move forward under the original terms of the Option agreement.
This joint venture provides for the company to drill up to a thirty well program on ten-acre target spacings over the next twelve months. "Friendly Energy Corporation expects to release its drilling plans in the near future," states Friendly Energy Inc.'s President Douglas Tallant. "With the current market pricing of oil reaching nearly $60.00 per barrel it is of the utmost importance that Friendly Energy Corporation takes advantage of the economics of today's oil prices to develop this 30 well program as quickly and efficiently as possible." Friendly Energy Corporation is a development company involved in exploration of low risk oil and gas properties in the United States.
This news release contains information that is ``forward-looking'' in that it describes events and conditions, which Friendly Energy Corporation (``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.