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Subject: HOTSTOCK TODAY- FDEI
TUCSON, Ariz., Feb 17, 2005 (BUSINESS WIRE) --
Fidelis Energy, Inc. (OTCBB:FDEI), today is pleased to announce that the Company has been informed by the operator Miramar Petroleum, Inc. that well site preparation has commenced and that the companies plan to spud the 7,500 foot "Lepovitz A" natural gas well next week. The operator is finalizing the required permitting, site survey and well licensing in preparation for the commencement of drilling. Dependant on rig availability, the spud date is tentatively set for February 23rd.
Fidelis signed a Lease Purchase and Development Agreement and Joint Operating Agreement with Miramar Petroleum, Inc. to acquire a 50% working interest in the Hidalgo Prospect located in Hidalgo County Texas.
The main objectives of the 312-acre Hidalgo Project are the Bell and Cord sands that have a combined potential reserves of 16.1 Bcf gas. The Bell sand in the Miramar Petroleum, Inc. #2 Theser Gas Unit well has produced 20 Bcf gas at an average recovery of 2.96 Mmcf/day from seven wells. In addition, the Cord sand in the same well has a cumulative production over 62.9 Bcf from eight wells with an average recovery of 7.87 Mmcf/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.
Dan Hodges -- President
SOURCE: Fidelis Energy, Inc.
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