SOURCE: Fidelis Energy Inc.

April 07, 2006 10:08 ET

North Franklin Production in March Totals 92.85 Mmcf for 27 Days

LOS ANGELES, CA -- (MARKET WIRE) -- April 7, 2006 -- Fidelis Energy, Inc. (OTC BB: FDEI), today is pleased to announce the March gas production at the North Franklin Project, Sacramento California. Production from the Company's two gas wells, the "Archer-Whitney #1" and "Archer-Wildlands #1" totaled 92.85 Mmcf. The average daily production rate for the month of March totaled 3.0 Mmcf per day from the two wells combined.

Fidelis and partners are preparing to complete the"Archer-F-1" well in the Winters gas reservoir and put it into immediate production. A completion rig is now being sourced and all parties have contributed the required funds for this operation. The well tie-in is very short to the existing gas gathering system and pipeline. This third producing well is anticipated to increase the daily revenue significantly since the well is expected to produce an additional 1.5 to 2.0 Mmcf per day.

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, (specifically respecting new drilling and production activities at North Franklin) 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 2005 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

ON BEHALF OF THE BOARD

Fidelis Energy Inc.

William Marshall - President

Contact Information

  • Contact:
    William Marshall
    Investor Relations
    1-888-894-3334