SOURCE: Fidelis Energy, Inc.

March 07, 2006 09:00 ET

North Franklin "F-1" Well Spud Announcement -- Surface Casing Set and Drilling Ahead

TUCSON, AZ -- (MARKET WIRE) -- March 7, 2006 -- Fidelis Energy, Inc. (OTC BB: FDEI) today announces that the "Archer-F-1" gas well spudded March 5th and is drilling at the North Franklin Project, Sacramento, California.

Fidelis has been informed by the operator that the surface casing has now been set and the depth has reached 1,400 feet. The delay in the start date was due to heavy rain and wind in the Sacramento area causing a slower than expected rig up at the well site.

The 12,000 foot "Archer-F-1" well has been designed to test both the producing Winters sands as well as the Forbes; the primary objective of this well. The Winters Formation sand reservoir is expected to be reached in approximately 7 days. All parties have advanced funds in full for the drilling costs of the well.

Fidelis will release occasional updates as to the status of the well when information is made available from the operator.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the acquisition of oil and gas reserves, any near-term production or cash flow and our ability to become cash flow positive in the short term to allow us to re-invest production dollars to enhance and grow company assets. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the numerous inherent uncertainties associated with oil and gas exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2004 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

For more information, please visit our website at www.FidelisEnergy.com, or contact:

Investor Relations 1-888-894-3334 (Contact: William Marshall)

ON BEHALF OF THE BOARD

Fidelis Energy Inc.

William Marshall -- President

Contact Information

  • For more information, please visit our website at www.FidelisEnergy.com,
    or contact:
    Investor Relations
    1-888-894-3334
    Contact: William Marshall