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Press Release Source: Fidelis Energy Inc.
Fidelis Energy Drills "Archer-Tsakopoulos #1" Well at North Franklin -- To Be Completed as Fourth Gas Well in Reservoir
Wednesday August 16, 9:00 am ET
LOS ANGELES, CA--(MARKET WIRE)--Aug 16, 2006 -- Fidelis Energy, Inc. (OTC BB:FDEI.OB - News) today is pleased to report that the "Archer-Tsakopoulos #1" well was successfully drilled to depth and will now be completed as the fourth gas well at North Franklin, Sacramento, California. A suite of electronic logs confirmed 100% gas filled sand in the producing Winters Formation. Casing was set and the well is to be perforated, completed and tied-in to the pipeline from the Winters sands.
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The new gas well will add to current production from the Company's three (3) gas wells; the "Archer-Whitney #1," "Archer-Wildlands #1" and "Archer-F1," which totaled 125.713 MMCF in July. The Company anticipates a 25% increase in net monthly gas production from the addition of this well.
The Company is also pleased to report the next gas well, the "Archer-Wurster #1," is expected to spud tomorrow. Fidelis and partners are executing a 2 well drilling program targeting further production at North Franklin.[/B]
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, or contact:
Investor Relations 1-888-894-3334 (Contact: William Marshall)
ON BEHALF OF THE BOARD
Fidelis Energy Inc.
William Marshall -- President
Contact:
Investor Relations:
1-888-894-3334
Fidelis Energy Inc.
William Marshall
President
Source: Fidelis Energy Inc.
