CARSON CITY, Nev., June 24, 2005 (PRIMEZONE) -- Friendly Energy Corporation. (Pink Sheets:FDEG) announces today that its wholly owned subsidiary Friendly Energy Services Inc. through its letter agreement with Mr. Ray Suhm of Oklahoma, has nearly completed the process of identifying several central Oklahoma prospects for development.
The company been engaged with Mr. Suhm for the purpose of identifying and developing these prospects, of which Mr. Suhm has over 300 Oklahoma prospects on file that have been put together using some 12,000 miles of 100% and CDP seismic data. These prospects range from low risk development prospects to frontier plays and include shallow, intermediate, and deep targets for both oil and natural gas.
Several of the identified prospects have the potential for potential in ground reserves in excess of 500,000 barrels of oil each.
"Friendly Energy Services has mandated that it will develop a package of prospects with the assistance of Mr. Suhm to capitalize on his expertise in identifying and exploring several promising prospects that have been identified to the Company," states Company president Mr. Douglas Tallant. "We expect the preliminary stages of development for these prospects to begin within the next several weeks."
Friendly Energy Corporation is a development company involved in exploration of low-risk oil and gas properties in the United States.
Mr. Suhm has nearly 40 years of experience as a geologist and geophysicist. Further information can be reviewed at www.raysuhm.com
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.