SOURCE: Fidelis Energy Inc.

February 21, 2006 09:00 ET

Deep Forbes "Archer F-1" Well Drilling Rig Mobilizing -- Drilling to Commence

TUCSON, AZ -- (MARKET WIRE) -- February 21, 2006 -- Fidelis Energy, Inc. (OTC BB: FDEI), today updates the timing for drilling of the "Archer-F-1" deep Forbes gas well. Fidelis has been informed by the operator that the drilling rig is being mobilized to the North Franklin project site tomorrow, Wednesday, February 22nd. After an estimated several day period for rig up, drilling of the 12,000 foot well will commence.

The "Archer-F-1" drilling pad location, site facilities and all weather access road are prepared. The required casing and tubing have been purchased and are onsite. As well, all the necessary permits and licenses are in place. The 12,000 foot "Archer-F-1" well has been designed to test both the producing Winters sands as well as the Forbes; the primary objective of this well. All parties have advanced funds in full for the drilling costs of the well.

Fidelis will announce when the well has spud, and issue periodic updates as to the progress of the well.

Fidelis additionally announces that is has entered into a renewable 12-month contract with Telperion Business Consultants, LLC, an arm's-length entity, pursuant to which Telperion will provide consulting services, business introductions and resulting arrangements that may include small cap fund managers, buy-side stock brokers and money managers. Such services will include, strategic planning, planning meetings, road shows and assisting the Company's management in developing and implementing the Company's IR/PR programs and plans. Telperion will be paid $15,000 per month and will be issued 750,000 shares of restricted stock which will be released to Telperion based upon certain significant strategic milestones.

Notice Regarding Forward Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the acquisition of oil and gas reserves, any near-term production or cash flow and our ability to become cash flow positive in the short term to allow us to re-invest production dollars to enhance and grow company assets. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the numerous inherent uncertainties associated with oil and gas exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2004 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

For more information, please visit our website at, or contact:

Investor Relations 1-888-894-3334 (Contact: William Marshall)


Fidelis Energy Inc.

William Marshall - President

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