CARSON CITY, Nev., Sept. 8, 2005 (PRIMEZONE) -- Friendly Energy Corporation (Pink Sheets:FDEG) announces a corporate update. The Company's wholly owned subsidiary, Friendly Energy Services Inc., continues to work towards the identification and development of potential prospects in central Oklahoma with its consulting geologist Mr. Ray Suhm of Oklahoma.
Management has determined to concentrate the resources of the company towards the identification and development of potential in-ground reserves, which Mr. Suhm has identified through seismic data.
The company has changed its focus from the East Texas, Corsicana property to the central Oklahoma region for simple economic reasons. "Management has determined that the best use of the Companies economic resources would be the development of the Oklahoma prospects that Mr. Suhm has identified. This will lead to a higher Return on Investment to Friendly Energy, Inc. than the previously announced May 24, 2005 agreement to participate in the Corsicana Field," stated Company president Mr. Douglas Tallant. "The opportunity for the Company to identify and develop, significant proven undeveloped in-ground reserves offers higher potential return to the Company and its shareholders." To reiterate a previous statement, "Several of the identified prospects have the potential for in ground reserves in excess of 500,000 barrels of oil each."
These prospects range from low risk development prospects to frontier plays and include shallow, intermediate, and deep targets for both oil and natural gas.
The company intends to reveal its near term prospect development plans as they are available.
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.