CARSON CITY, Nev., April 12, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) The Company announces today that a drill date has been targeted by the company and joint-venture partner for the "spudding" of the first joint-venture well. It is anticipated that the "spudding" date will be on or about May 3, 2006.
The company through its joint venture partner has acquired a 50% working Interest, with a 44% Net Revenue Interest for the development of the Asher Prospect, located within eight miles of Friendly Energy's main development prospect, the Peach Creek West Prospect in Central Oklahoma.
The Asher Prospect located on the western edge of the giant St. Louis oil field in Pottawatomie County, Central Oklahoma. This commitment on behalf of the company is up to $375,000.00 dry hole costs.
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.
"We are extremely pleased that we have a date certain for the start of drilling activity for this joint venture," states company President Douglas Tallant. "The Company shall finally be drilling after many un-scheduled delays outside of the company's control. We expect that this joint-venture will provide significant upside for the shareholders of Friendly Energy." The development of the Peach Creek West Prospect remains the company's priority. The Company has an additional four prospects in the region, which the company is actively planning to develop.
The company continues to lease additional surrounding acreage in the area for further exploratory development.
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.