CARSON CITY, Nev., Nov. 1, 2005 (PRIMEZONE) -- Friendly Energy Corporation (Pink Sheets:FDEG): The company wishes to announce an update of the current corporate developments.
The seismic program being conducted by Eagle Explorations Inc of Michigan for establishing conformation seismic lines of the Peach Creek West prospect in Pottawatomie County, Oklahoma, has been initiated as previously announced with completion expected in the near future.
Additionally, the company has begun the process of reserving a drilling rig in order to ensure availability once the company has completed the identification of the first four drilling targets and has finalized a drilling plan.
"The company is anticipating that the interpretation of the seismic data will allow the company to identify the first four drilling targets," states company president Mr. Douglas Tallant. "Once the shooting of the seismic lines has been completed, the company and Eagle Explorations will require additional time to interpret the data, however the company has begun the process of acquiring access to a drilling rig now. With the current demand for drilling rigs at such a high level, the company has begun the process of rig acquisition now, to ensure a drilling date for the first quarter of 2006."
Friendly Energy Corporation is a development company involved in exploration of low risk oil and gas properties in the United States.
This news release contains information that is "forward-looking" in that it describes events and conditions, which Friendly Energy Corporation ("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.