SOURCE: Fidelis Energy, Inc.

November 09, 2006 09:00 ET

Fidelis Energy's North Franklin Gas Production in October Totals 123.18 MMCF

LOS ANGELES, CA -- (MARKET WIRE) -- November 9, 2006 -- Fidelis Energy, Inc. (OTCBB: FDEI) today reports the October gas production at the North Franklin Project, Sacramento, California. Production from the Company's three (3) gas wells, the "Archer-Whitney #1," "Archer-Wildlands #1" and "Archer-F1," totaled 123.18 MMCF. The three wells combined averaged a production rate of 3.974 MMCF per day for the 31-day period.

The Company also reports that the "Archer-Tsakopoulos #1" well site facilities have been ordered. It is expected to be tied in as the fourth well in December. The well was perforated in the Winters sands and during the completion program was tested to a stabilized rate of 1.139 MMCF per day. The tie-in to the pipeline will occur after site facilities are installed at the well location.

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, (specifically respecting new drilling and production activities at North Franklin) 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 2005 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 www.FidelisEnergy.com, or contact:

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

ON BEHALF OF THE BOARD

Fidelis Energy, Inc.

William Marshall - President

Contact Information

  • Contact:
    Investor Relations
    William Marshall
    Fidelis Energy, Inc.
    1-888-894-3334