CARSON CITY, Nev., Sept. 21, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Pink Sheets:FDEG) reports the completion of the 2004 and 2005 Annual Audits and filing of the Form 10KSB for the periods ending December 31, 2005. Management is currently preparing the Form 10QSB (quarterly reports) for the latest 3 quarters of 2006 which will bring the company current in it's 12g filing obligations with the SEC. It is anticipated that the completion of the quarterly reports will be completed and filed within the next several weeks.
The company reports that the completion rig for the North Asher No. 1 has been onsite, testing and completing the well for the last fourteen days. The tank batteries for Oil storage will be in place by the weeks end with the down hole pump in place and operational shortly after. It is anticipated that the well will begin pumping oil next week upon completion of these activities.
The production from the North Asher No. 1 well is anticipated to exceed 100 barrels per day of Oil and or it equivalents. "The results from the testing have indicated the North Asher No. 1 to be a commercial success," states company president Douglas Tallant. "We believe this well to be the first of many successful wells to be developed by the company in the near future."
Additionally, "The Company is very pleased to have completed the corporate audits and expects to be fully current in its filings as soon as possible," states company president Douglas Tallant. "This will enable the company to file a 15c-211 with the NASD, seeking a listing on the OTCBB."
The Asher No. 1 Prospect is 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.
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.