SOURCE: Friendly Energy Exploration

April 29, 2008 09:15 ET

Twenty Million Barrel Potential Oil Field

CARSON CITY, NV--(Marketwire - April 29, 2008) - Friendly Exploration (PINKSHEETS: FEGR) previously, Friendly Energy Corp. (PINKSHEETS: FDEG) -- The Board of Directors reports today that the Company will initiate drilling the first exploration well in the Forest City Basin, beginning May 5, 2008.

The Company is informed by the projects consulting geologists that the potential oil structure targeted by this exploratory well has the possibility of yielding a potential twenty million barrel oil field.

"Based on today's oil prices in excess of $100.00 per barrel, this prospect has the potential for a multi billon dollar oil field discovery that the Company will be a direct participant and a significant player in," states Company President Douglas Tallant. "This exploratory well provides the company with the opportunity to gain a significant reserve base of proven undeveloped reserves, if successful, that will enable the company to leverage its further development to the next level as an oil exploration company."

The company will be participating in the drilling of a development well located in the Northern end of the prolific Forest City Basin, in Southern Iowa.

The company will have a 42.5% Working Interest and a 25% Net Revenue Interest of the first well and any subsequent wells drilled in an established area of mutual interest established by the drilling agreement.

"Friendly Energy is now moving forward in the identification and development of new significant prospects. This development well drilling program has the potential of a very significant discovery as indicated by the joint venture's petroleum geologists," states company President Douglas Tallant. "We expect that this prospect will allow the company the opportunity to execute upon its business plan of exploration and development of low risk potential oil producing properties, with significant upside for the company."

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.

For Additional Information:

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.

Contact Information

  • Contact:

    BearPaw Marketing
    Sean Tallant
    1 970 434 4297