CARSON CITY, Nev., Jan. 4, 2006 (PRIMEZONE) -- Friendly Energy Corporation (Pink Sheets:FDEG) announces revised seismic results.
The company announced today that the seismic results previously announced confirming the presence of an oil-dome structure indicating an oil body of up to 500,000 barrels of in-ground reserves has been re-evaluated.
Further analysis has proven to show that the target dome structure is significantly larger than previously reported, the oil bearing structure analysis indicates a potential reserve up to one million barrels potential (1,000,000) BOE for the Peach Creek West prospect, which will support up to five development wells.
"This is four times the expected potential reserve that we were initially targeting for the company's first development prospect," stated company president Douglas Tallant. "With this information, we have secured the future of Friendly Energy Corp. of becoming a producing junior oil and gas exploration company."
Friendly Energy Inc., is anticipating developing a significant producing oil field in the Peach Creek West, with four additional similar prospects to be defined as additional results from ongoing confirmation seismic programs are completed.
These prospects range from low-risk development prospects to frontier plays and include shallow, intermediate, and deep targets for both oil and natural gas.
Friendly Energy Corp. is a development company involved in exploration of low-risk oil and gas properties in the United States.
This news release contains information that is "forward-looking" in that it describes events and conditions, which Friendly Energy Corporation ("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.