FDEI Fidelis Energy Inc (CE)

Fidelis Energy, Inc. (OTCBB:FDEI) today is pleased to report the Company has received a reservoir engineering reserve report from Chapman Petroleum Engineering, Ltd. on the North Franklin Project, Sacramento, California. The two producing gas wells, Archer-Whitney #1 and Archer-Wildlands #1, were used to assign the following net reserves to Fidelis's 35% working interest. The reserves in the category of "Proved Developed Producing" total 3.413 Bcf with a N.P.V. (Net Present Value) at a 10% D.C.F. (Discounted Cash Flow) of $11,590,000. These reserves reflect the two producing wells only. Additional "Probable" reserves have been estimated for incremental recovery on the two existing wells and for one down dip location. However, under SEC regulations probable reserves are not recognized and therefore are not reported. The Company's latest gas production for the month of October was reported for the two gas wells, the "Archer-Whitney #1" and "Archer-Wildlands #1," that totaled 87.87 Mmcf. The average daily production rate for the month of October totaled 2.83 Mmcf per day. About Fidelis Energy Inc. Based in Tucson, AZ, Fidelis Energy is an oil and gas company dedicated to solving North America's complex energy problems. Fidelis Energy identifies, acquires and develops working interest percentages in smaller, underdeveloped oil and gas projects in California, Canada, and other promising locales that do not meet the requirements of larger producers and developers. Through the use of modern development techniques such as horizontal drilling and 3-D seismic, the company enhances production from underdeveloped and under-utilized projects, as it pursues oil and gas production throughout North America. Safe harbor for Forward-Looking Statements: Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Fidelis Energy, Inc. has little or no control. For more information, please visit our website at www.FidelisEnergy.com. On Behalf of the Board Fidelis Energy Inc. William Marshall -- President