• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

North Franklin January Gas Production Totals 94.94 Mmcf - Deep Forbes "F-1" Well Drilling Set for February 18

Posted on: Friday, 3 February 2006, 09:00 CST

Fidelis Energy, Inc. (OTC BB: FDEI), today is pleased to announce the January 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 94.94 Mmcf. The average daily production rate for the month of January totaled 3.062 Mmcf per day from the two wells combined.

Fidelis also wishes to report that it has been informed by the operator that a tentative spud date for the "Archer-F-1" deep Forbes gas well has been set for February 18th.

Fidelis and partners have been waiting for a drilling rig and it is now expected to be onsite at the North Franklin Project on the aforementioned date. The site and road have been prepared, casing and tubing purchased and all necessary permits and licenses have been received. 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. All parties have advanced funds in full for the drilling costs of the well.

Fidelis will endeavor to update the tentative spud date when and if further 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

 ON BEHALF OF THE BOARD Fidelis Energy Inc. William Marshall - President 

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

SOURCE: Fidelis Energy Inc.

Source: MARKET WIRE

More News in this Category