CARSON CITY, Nev., July 20 /PRNewswire-FirstCall/ -- Friendly Energy Corp. (FDEG.PK) The Company reports today that it has concluded negotiations with Tech Energy of Oklahoma for a 20% Working Interest participation in two Oklahoma oil and gas development wells.
The first well is a re-entry well with potential production from multiple proven zones to an approximate depth of 7000 ft. Drilling of the re-entry well is to begin August 1, 2007.
"We are very pleased to have successfully concluded negotiations with Tech Energy's Operator for participation in these two Oil and Gas wells," states company President Douglas Tallant. "Friendly Energy looks forward to participating with such a reputable company with a proven track record of success."
Peach Creek West Prospect:
The company is continuing in its process of making the preliminary arrangements to acquire the drilling permits and other required approvals to begin the drilling process for the Peach Creek West prospect. The company anticipates rig availability may be cause for delay to the start of drilling. The company will continue to update as progress and rig availability is determined.
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.
For Additional Information:
http://www.fdeg.biz/
Contact:
Douglas Tallant- President, Friendly Energy.
702 953 0411
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.
