Fidelis Energy to Acquire Stake in Heavy Oil Project

Fidelis Energy, Inc. has signed a letter of intent, paid a deposit and entered into final negotiations to acquire a heavy oil property containing reserves up to 60 million barrels of oil. The announcement was made today by company spokesperson Mike Garfinkel.

With today's modern technology the Company is able to implement horizontal drilling and steam injection procedures now enabling them to cost efficiently extract the heavy oil. Third party engineering reports estimate the property to contain 60 million barrels in reserves with 40 million barrels recoverable.

"The new project would be a big brother to its present heavy oil project 'Comanche Point'," said Mr. Garfinkel. The Comanche Point 400-acre lease is located in Kern County, California. Mr. Garfinkel went on to say that currently they are installing pipe in preparation of the first phase of the extraction. Comanche reserves total 5 million barrels with 2.1 million recoverable. Presently Kern County Heavy Crude is selling at record highs of over $30 per barrel.

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