SOURCE: Friendly Energy Exploration

June 10, 2008 09:15 ET

Friendly Energy Oil Field Drilling Update

CARSON CITY, NV--(Marketwire - June 10, 2008) - Friendly Energy Exploration (PINKSHEETS: FEGR) -- The Company's operator reports today that the drilling has reached total depth of 3750 feet. The electronic logging of the hole to total depth has indicated several oil-bearing zones and a significant natural gas pay sand of over 165. Upon further testing of the oil-bearing zones, it has been determined that the high level of water content, 80% fresh water to 20 % oil, has made these zone commercially un-economical. The gas zone has proven to be of more significant interest at this time for any further development.

"The company is currently analyzing the potential for development of this prospect as a gas producing property," states Company President, Douglas Tallant. "This exploratory well has been logged carefully and all data is being explored to ensure that the geology supports the commercial success of the development of a potential natural gas field."

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

Consulting geologists had indicated 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 has 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 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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