SOURCE: First National Entertainment Corp.

January 31, 2008 08:00 ET

First National Entertainment Corp. (Pinksheets FNAT) Shifts Corporate Focus

ORLANDO, FL--(Marketwire - January 31, 2008) - First National Entertainment Corp. (PINKSHEETS: FNAT) is pleased to announce that it has changed its corporate focus. The energy sector is presently very attractive and has high potential for company profitability. FNAT will focus on the acquisition of non-producing properties to implement re-completion workovers to recover oil and gas left in place behind pipe by previous owners and operators. Thousands and thousands of wells around the country have been shut in over the years when oil and gas prices were much lower. With the advance of technology and much higher energy prices, many of these wells can now be worked over to provide energy production that our country needs. FNAT has identified many such wells in Texas, Oklahoma and the Appalachian Basin. The company believes they will have an exciting future in the new direction they are heading.

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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