SOURCE: Friendly Energy Corp.

August 10, 2007 15:35 ET

Friendly Energy Drilling Update

CARSON CITY, NV--(Marketwire - August 10, 2007) - Friendly Energy Corp. (PINKSHEETS: FDEG) announced today that its operator and joint venture partner, Tech Energy of Oklahoma, has indicated a drill rig will be available within two weeks to commence drilling operations for the project previously announced in Friendly Energy's July 20, 2007 news release.

Friendly Energy has contracted for a 20% working interest in the Pheasant Run #1, a re-entry well located in the NW/4 of the SW/4, SEC23-6N-21ECM, Beaver County, Oklahoma. This well was originally drilled in 1985 to a total depth of 5678 feet, and has produced from the Big Lime and Oswego zones to present day. The well currently makes 1.5 Bbl of oil, and 20 Mcf of gas, per day.

This well was completed with 7" casing, which allows for the well to be easily deepened through the Upper Morrow and to the Chester Limestone -- both productive and in the immediate area.

The Upper Morrow produced from the Lofland #1 to the East (2.86 Billion cubic feet), and was still making 75 mcf per day when it was plugged in the 1970s. The Allred #1, one-quarter mile to the west, was drilled in 1969. The Upper Morrow Drill Stem tested 470 Mcf per day with a bottom-hole pressure of 150 pounds. The Allred was not completed, as in 1969 this was considered insufficient pressure. In today's market, however, with the use of modern small compressors, these figures are attractive as a secondary producing horizon. The Upper Morrow could provide an additional 0.2 to 0.4 Billion cubic feet.

The Chester Limestone produces throughout northwest Oklahoma. There are Chester wells in every surrounding section, as well as two in the east half of the Pheasant Run's section. Indications are that the area has the potential for better than average Chester production. The Becker #1, 0.4 miles to the southwest, has produced 1.4 Bcf from the Chester. The State Wakefield, 0.6 miles to the northeast, is projected to make 0.7 Bcf over its lifetime.

The Pheasant Run is essentially located right between these two wells. It is estimated that a deepened Pheasant Run should find 0.5 to 0.8 Billion cubic feet in the Chester.

Friendly Energy is a development stage company in the Oil and Gas Exploration Industry. http://www.fdeg.biz/

This news release contains information that is "forward-looking" in that it describes events and conditions, which Friendly Energy Inc. ("FDEG") reasonably expects to occur in the future. Expectations for the future performance of the business of FDEG are dependent upon a number of factors, and there can be no assurance that FDEG will achieve the results as contemplated herein and there can be no assurance that FDEG 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. FDEG disclaims any obligation to update any forward-looking statement made herein. This is not a solicitation for the sale of securities either directly of implied.

Contact Information

  • For Additional Information:
    Contact:
    Equiti-trend Advisors LLC
    (800) 953-3350 (US & Canada)
    (858) 436-3350 local
    Email Contact