CARSON CITY, Nev., Dec. 29, 2005 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) announces today that the interpretation of the results of the seismic program has been completed. All data indicates that the dome structure that the Company had initially targeted is in good formation with no apparent structural leakage.
The confirmation seismic also indicates that the structure is significantly larger than previously anticipated with an upside potential of four hundred thousand (400,000) BOE to as much as five hundred thousand barrels (500,000) BOE in-ground reserves contained within the dome structure. It was previously thought to contain a total of three hundred thousand barrels (300,000) from two separate pay zones. It is anticipated that a potential flow rate from these zones could produce flow rates of up 300 BOEPD (barrels oil equivalent per day)
"The Company is extremely pleased with the results of the seismic program," states company President Douglas Tallant. "With this information, the Company intends to aggressively pursue this target prospect and expand its program to develop further prospects currently under negotiation." The Company has plans to begin drilling in the first quarter of 2006, subject to Drilling Rig availability.
In anticipation of the results of the confirmation seismic, the Company has been acquiring additional prospects in the Peach Creek area. The Company now has a land position nearing 500 total acres.
Additionally, the Company announces that it has terminated all negotiations and agreements with any and all parties regarding private placements or securities purchase agreements with the Company prior to December 28, 2005, in order to reflect this new information received by the Company and to further enhance shareholder value.
Friendly Energy is a development stage company in the Oil and Gas Exploration Industry. For additional information, contact Douglas Tallant, President of Friendly Energy, at (702) 953-0411.
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.