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[QUOTE]Originally posted by J_U_ICE: [QB] FDEI (.045) Updates North Franklin Gas Production -- Third Quarter Production Totals 368.46 MMCF Market Wire "US Press Releases " LOS ANGELES, CA -- (MARKET WIRE) -- 10/03/06 -- Fidelis Energy, Inc. (OTCBB: FDEI), today reports on the Q3 gas production at the North Franklin Project, Sacramento, California that totaled 368.46 MMCF from combined production at the Company's three gas wells. July production totaled 125.71 MMCF at an average rate of 4.05 MMCF per day; August produced 124.86 MMCF at an average rate of 4.03 MMCF per day for 31 days and September production totaled 117.89 MMCF at an average rate of 3.93 MMCF per day. In total, the average daily rate of gas production from the Company's three (3) gas wells; the "Archer-Whitney #1," "Archer-Wildlands #1" and "Archer-F1" was 4.00 MMCF per day for the quarter. The Company also wishes to update the ongoing field operations at North Franklin. Fidelis and partners are still waiting for a completion rig to perforate and tie-in the fourth well, "Archer-Tsakopolous #1." The North Franklin partners are currently in line for a completion rig and one should be available this month. Rig availability is currently very tight in California and the Company and operator are keeping in contact with drilling contractors regarding availability. In addition, it has been determined that the "Archer-Wurster #1" well, drilled on a different southerly sand channel, will not be a commercial producer. This well was a higher risk exploration well and the partners are reviewing the future options in and around the well location. The Company feels that more seismic will be required to fully understand this area. On October 2, PrimeGen Energy Corp. announced that it would not be acquiring the 35% working interest in the North Franklin Project owned by Fidelis at this time. PrimeGen however, continues to maintain a right of first refusal on the acquisition of the Fidelis interest for a period of 24-weeks from August 24, 2006. The Company will endeavor to inform shareholders as to any changes in the status of this proposed buyout of the Fidelis interest. 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 [URL=http://www.FidelisEnergy.com,]www.FidelisEnergy.com,[/URL] 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 William Marshall 1-888-894-3334 [/QB][/QUOTE]
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