SOURCE: Friendly Energy Exploration

August 11, 2008 16:27 ET

Friendly Energy Receives Financial Commitment for Production Acquisition

CARSON CITY, NV--(Marketwire - August 11, 2008) - Friendly Energy Exploration (PINKSHEETS: FEGR) -- The Company announces today that it has received revised terms of a 10 million dollar commitment to fund, previously issued to the company by Syndication Capital L.L.C.

The company previously had entered into a letter of Intent with Syndication Capital for the purposes of syndicating interests of the Peach Creek West Prospect, which was not pursued by the company due to its involvement in the North Asher #1 well.

The company has contracted with Syndication Capital L.L.C. for the purpose of selling participation units, of existing and producing wells, or proven production as well as a multi well development program. The company has not been able to draw against the existing 10 million dollar commitment under the previous conditions' precedent to allow the company further growth.

Under the new revised terms of the financial commitment the company will be focusing on the acquisition of existing production, with the development of infield drilling opportunities the primary focus for any new drilling activities.

"I am very pleased with the change in the terms for qualification in the funding commitment that provides for the draw down to acquire existing production, which under previous terms the company was required to own the production outright in order to qualify for a draw down," states Company President, Douglas Tallant. "The company is now actively searching for existing production to acquire in addition to any infield drilling opportunities for both oil and gas."

Friendly Energy is committed to the exploration and development of its prospects to take advantage of the current market pricing in the price of oil and gas by developing undeveloped reserves with little downside risk.

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 Exploration. ("FEGR") reasonably expects to occur in the future. Expectations for the future performance of the business of FEGR are dependent upon a number of factors, and there can be no assurance that FEGR will achieve the results as contemplated herein and there can be no assurance that FEGR 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. FEGR disclaims any obligation to update any forward-looking statement made herein.

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