CARSON CITY, Nev., Jan. 13, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) ("The Company") is pleased to report that it is currently negotiating a first right of refusal agreement with the companies consulting geologists for all future Oil and Gas Prospects for the central Oklahoma region.
"We are very pleased to be negotiating an agreement of this nature with our consulting geologists," states Company president Douglas Tallant. "We believe that this represents a significant opportunity to Friendly Energy, enabling the company to develop many significant prospects in the near future."
Additionally the company has confirmation of Drilling Rig availability for March 1, 2006. The company is currently beginning the process of site preparation and development of the drilling plan in anticipation of the rigs arrival.
The drilling depth to the primary target, the Wilcox pay zone, will be Five thousand five hundred feet, (5500 Ft).
It is anticipated that the time to drill will be fourteen days from spud, subject to any un-foreseen delays.
As previously reported, further analysis has proven to show that the target dome structure is significantly larger than expected, the oil bearing structure analysis indicates a potential reserve up to one million barrels potential (1,000,000) BOE for the Peach Creek West prospect, which will support up to five development wells.
The Peach Creek West Prospect is the first of five prospects that the company is developing for the future. The company is finalizing plans for further confirmation seismic work on the second prospect.
The company today received information that its securities have been flagged under rule SHO, which indicates that there is currently a significant "naked short" position being held in the securities of the company.
For further information regarding this issue: http://www.nasdaqtrader.com/aspx/regsho.aspx
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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.