CARSON CITY, Nev., Feb. 7, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) ("The Company") announces today that it has entered into a formal contract with an Investment Syndication firm, for the purpose of raising up to three million six hundred thousand dollars ($3,600,000) in participation interests in the Peach Creek West Prospect of Central Oklahoma.
This formal contract covers participation interests of the Peach Creek West Prospect, based on the potential of a five well development program, based on a forty-acre spacing.
"The Company is extremely pleased to have finalized these negotiations and entered into a formal agreement, for the purpose of Capital Raising of Private Interest Participation of the Peach Creek West Prospect," states company President Douglas Tallant. "We are pleased to achieve this commitment to raise capital for the Peach Creek West Prospect without further dilution to the companies shareholders."
The company will be offering 12 participation units, in each of the planned five wells to be drilled on the Peach Creek West prospect, for a total of 60 Private Participation Units. Selling of the units shall begin immediately.
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.