CARSON CITY, Nev., April 20, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) announces a Corporate update regarding the joint venture drill date and other matters.
The Company's joint venture partner reports that the anticipated drill date of May 3, 2006 is intact and the drill rig arrival is expected as planned.
The company previously reported that through its joint venture partner it has acquired a 50% working interest, with a 44% net revenue interest for the development of the Asher Prospect, in error. The Company has acquired 50% working interest and a 37% net revenue interest.
The Company reports that it continues to complete the required filings to bring the company current under its reporting obligations. It is anticipated that the auditor will have completed the audits and all filings will be filed by May 1, 2006.
"We are pleased that the drill rig is on schedule and drilling will begin as planned," states company President Douglas Tallant. "With the current price of oil reaching a high of over $74.00 per barrel recently, the company is poised to capitalize significantly through the development of these prospects. We anticipate that upon completion of drilling, both the joint venture prospect and the Peach Creek West prospect, the company will have a significantly higher market valuation than the current share price reflects."
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.