SOURCE: Friendly Energy Exploration

May 15, 2008 09:15 ET

Friendly Energy Oil Field Drilling Update

CARSON CITY, NV--(Marketwire - May 15, 2008) - Friendly Energy Exploration (PINKSHEETS: FEGR) -- The Company's operator reports today that the drilling has reached a depth of 1550 feet. The drilling has penetrated the dolomite sub-structures as anticipated, confirming the possible oil bearing structures the pre-drilling data indicated this prospect represents.

"Drilling to total depth will continue on a 24 hr basis from this point forward," stated company President, Douglas Tallant. "This exploratory well will be mud logged carefully to ensure that the geology supports the anticipated potential this well represents. It is anticipated that the next 2500 feet of drilling and logging will provide significant insight to the commercial success of this well."

The company is participating in the drilling of a development well located in the Northern end of the prolific Forest City Basin, in Southern Iowa.

Consulting geologists indicate that there is the potential of a 20,000,000 barrel oil field discovery based upon available data and the proximity to proven oil producing geological structures.

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.

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