SOURCE: Friendly Energy Exploration

May 07, 2008 09:15 ET

Drilling Update for Twenty Million Barrel Potential Oil Field

CARSON CITY, NV--(Marketwire - May 7, 2008) - Friendly Exploration. (PINKSHEETS: FEGR) -- The Company reports today that the Company has advanced the required funds to meets its AFE obligations for the initial drilling of the exploratory well of the Forest City Basin.

It is anticipated that the initial spudding of the first Forest City Basin Exploratory well will take place within the next seven days.

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

"This has the potential for a multi billion dollar oil field, based on today's oil prices in excess of $120.00 per barrel, a significant opportunity for discovery that the Company will become a significant stake holder in. This well provides the potential for the development of a new oil producing field from a proven geological formation," 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. It is anticipated that the initial drilling start date will be within the first two weeks of May 2008.

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.

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

  • For Additional Information:
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    Contact:
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    Sean Tallant
    1 970 434 4297