CARSON CITY, Nev., March 13, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) ("The Company") announces today that it has entered into negotiations to joint venture the Asher Prospect located on the western edge of the giant St. Louis oil field in Pottawatomie County, Central Oklahoma.
The St Louis field has produced over 300 million barrels of oil and 26 billion cubic feet of gas from reservoirs of the Earlsboro sand (Pennsylvanian), Hunton and Viola. Estimated reserves for the Asher prospect are indicated to be 350,000 barrels of oil.
"The Company is extremely pleased to announce this potential joint venture," states company President Douglas Tallant. "With this joint venture the company will be actively drilling, while waiting for rig delivery to drill the Peach Creek Prospect." The company had plans to begin drilling in the first quarter 2006, subject to drilling rig availability, however delays in the rig's availability have made it necessary to revise the company's drilling plans. It is still undetermined when the drilling rig will be made available, however the company remains diligent in its efforts to acquire a drilling rig as soon as possible.
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.