SOURCE: First National Entertainment Corp.

February 27, 2008 08:00 ET

First National Announces First Oklahoma Project

ORLANDO, FL--(Marketwire - February 27, 2008) - First National Entertainment Corp, Inc. (PINKSHEETS: FNAT), a U.S. based independent oil and gas company, is announcing it has negotiated to participate in the Dunaway #1 Well in Seminole County, Oklahoma.

First National Entertainment Corp. has agreed to participate in the recompletion of the Dunaway #1 well and an 80 acre lease in Seminole County, Oklahoma. The Dunaway #1 well was originally drilled to a depth of 3200' and has produced from the Viola Lime and Calvin Sands formations. The Dunaway #1 is located in the highly prolific Seminole County in central Oklahoma. First National has established the work-over procedure and will hire contract operator Proem Energy Management to perform the recompletion procedures. Work is scheduled to begin in the spring 2008.

Potential production of both gas and oil at today's energy prices makes this opportunity a perfect fit for First National Entertainment's strategy of building a low risk portfolio of oil and gas assets one well at a time, creating cash flow for the company while mitigating risk through recompleting wells in well established production areas that have extensive infrastructure of gas sales lines to get product to market immediately.

First National Entertainment Corp. is a publicly traded independent oil and gas company. The company is focused on maximizing shareholder value by building a diversified portfolio of oil and gas assets in the Appalachian Basin, Texas, and Oklahoma.

Forward-Looking Statement

This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although First National Entertainment Corp. believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors.

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