SOURCE: Wall Street News Alert

October 11, 2006 09:42 ET

AGGI Is Still on the Move: Announces Coalbed Methane Program! October 11, 2006

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Wall Street Capital Funding.

WESTON, FL -- (MARKET WIRE) -- October 11, 2006 -- Wall Street News Alert's "stocks to watch" this morning are: Allied Energy Group, Inc. (PINKSHEETS: AGGI), Patterson-UTI Energy, Inc. (NASDAQ: PTEN), Massey Energy Company (NYSE: MEE) and Weatherford International Ltd. (NYSE: WFT).

Once again, Allied Energy Group, Inc. (PINKSHEETS: AGGI) may be a target of aggressive investors and day traders this morning! Yesterday after the stock markets closed, the company issued a press release announcing that it has partnered with Mandalay Energy Resources, LLC of Denver, CO, to begin drilling the first of five coalbed methane wells in Rogers County, Oklahoma in the next 10 days.

This news may excite investors! A NYSE listed independent oil and gas company has reportedly had a 100% success rate on wells drilled in this area on more than 250 wells. As reported by the Oklahoma Geological Survey, there is a blanket Excello shale that covers the area which is largely responsible for the 300 plus coal bed methane wells drilled in this area with completion rates exceeding 98%. No assurances can be given that the coalbed methane wells in Rogers County, Oklahoma will have the same or similar success.

Wall Street News Alert is placing Aggressive Investors on alert to monitor the progress of Allied Energy Group! "I firmly believe that this could become a core area of operations for the company, given the ability for us to potentially produce gas from multiple coal seam formations in Rogers County," explained Steve Stengell, Sr. Vice President of Operations for the Allied Energy Group.

The operator of the wells in this project is Oklahoma based KMV Consulting, Inc., a wholly owned subsidiary of Mammoth Energy Group, Inc. Allied Energy Group is also finalizing agreements with Mammoth to develop a nearby area more aggressively in the very near future.

"What we like about this area is that the wells are easy to drill because they are only 1,000 to 1,500 feet with the first pay zone anywhere from 300 to 350 feet," added Stengell. "Rig availability is good and the infrastructure is already in place to bring any gas that is discovered to market. Add in a high probability of success and you have the ingredients for an excellent project from which to grow production and cash flow." Late Monday afternoon, the company announced that it is now finalizing plans to participate in a series of gas plays strategically located in the Illinois Basin and Eastern Kentucky.

"Given the positive outlook for the natural gas industry and production histories for the Illinois Basin and Eastern Kentucky, the Company has engaged itself in intense negotiations regarding the aggressive development of these areas in the future," explained Steve Stengell, Sr. Vice President Operations for the Allied Energy Group.

Prior to the latest press release, the stock closed yesterday at $1.00 a share.

To view all of Wall Street News Alert's special early morning trading alerts for this morning, visit www.WallStreetNewsAlert.com, where you may also sign up to receive free email alerts in advance of our press releases being issued.

In case you are not familiar with the company: Allied Energy Group, Inc. is an independent energy development firm primarily engaged in the exploration, development, and production of oil and natural gas in the continental United States. The company employs geologists, petroleum engineers, seismic specialists, and financial analysts whose combined industry experience is essential to the success of each project. Allied Energy Group's strategic focus is the development of oil and natural gas reserves. As the fuel of choice to meet the growing demand for a clean-burning domestically produced fuel, the company firmly believes its natural gas exploration strategy should provide substantial growth to the company for the years to come.

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) up 2.4% on 5.8 million shares traded.

Patterson-UTI Energy, Inc. provides onshore contract drilling services to exploration and production companies in North America.

Massey Energy Company (NYSE: MEE) up 9.9% on 4.9 million shares traded.

Massey Energy Company is one of the largest coal producers by revenue in the United States.

Weatherford International Ltd. (NYSE: WFT) up 2.3% on 4.9 million shares traded.

Weatherford is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry.

Market Commentary:

"The National Retail Federation is predicting a good holiday selling season, a 5% increase over 2005. Sales were $457.4 billion last year and the average consumer spent $775 on holiday shopping. Only about 1 in 20 will have completed their gift buying by November 1," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.

Let Wall Street News Alert help advertise for your company using our effective awareness campaigns. If you're interested in telling your story, we can help. Contact us at info@wallstreetnewsalert.com

WSNA's email alert service is free to those investors who sign up on the WSNA home page. The alert service is designed to notify investors of undervalued and often overlooked stocks. Subscribers are introduced to Special Situation companies that have the potential of showing increased activity. The Wall Street News Alert home page has experienced over 50 million hits. To subscribe to this free service, visit the Wall Street News Alert home page at http://www.wallstreetnewsalert.com and select the "join now" button.

WSNA is a Platinum Sponsor of Quality Stocks. Quality Stocks tracks the stock picks of 150 Investment Newsletters every day and reports on their performance. For their free service, visit www.qualitystocks.net.

*** It has come to the attention of Wall Street News Alert (WSNA), that various persons or companies distribute faxes bearing similar names to Wall Street News Alert. Wall Street News Alert is not affiliated with faxes bearing names such as: Wall Street Stock Alert, Wall Street Investor Alert, Wall Street News Alert or any other fax using various combinations of the generic words Wall Street.***

Wall Street News Alert is a division of Wall Street Capital Funding LLC (WSCF). WSCF also maintains a contractual, working relationship with Stock Market Alerts LLC and its Wall Street Enews brand. WSCF is not a registered broker/dealer and may not sell, offer to sell or offer to buy any security. WSCF profiles are not a solicitation or recommendation to buy, sell or hold securities. An offer to buy or sell can be made only with accompanying disclosure documents from the company offering or selling securities and only in the states and provinces for which they are approved. The material in this release is intended to be strictly informational. The companies that are discussed in this release have not approved the statements made in this release nor approved the timing of this release. All statements and expressions are the sole opinion of WSCF and are subject to change without notice. Information in this release is derived from a variety of sources including that company's publicly disseminated information, third parties and WSCF research. The accuracy or completeness of the information is not warranted and is only as reliable as the sources from which it was obtained. WSCF disclaims any and all liability as to the completeness or accuracy of the information contained and any omissions of material fact in this release. The release may contain technical inaccuracies or typographical errors. It is strongly recommended that any purchase or sale decision be discussed with a financial adviser, or a broker-dealer, or a member of any financial regulatory bodies. Investment in the securities of the companies discussed in this release is highly speculative and carries a high degree of risk. WSCF is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment if they make a purchase in WSCF profiled stocks.

This profile is not without bias, and is a paid release. WSCF has been compensated for dissemination of company information on behalf of one or more of the companies mentioned in this release. WSCF has been compensated One Hundred Thousand shares of Allied Energy Group, Inc. (PINKSHEETS: AGGI), by a third party (Star Consulting Inc.), who is non-affiliated and may hold a significant position in the stock, for services provided including dissemination of company information in this release. WSCF has sold Fifteen Thousand of those shares, as of this release. WSCF may intend to immediately begin or continue selling its shares as this release is being circulated. WSCF may receive additional shares for extension of its services. Any additional shares will be disclosed at such time that WSCF is aware of a client's desire to extend the original services. WSCF may have received shares of a company profiled in this release prior to the dissemination of the information in this release. WSCF may immediately sell some or any shares in a profiled company held by WSCF and may have previously sold shares in a profiled company held by WSCF. WSCF's services for a company may cause the company's stock price to increase, in which event WSCF would make a profit when it sells its stock in a company. In addition, WSCF's selling of a company's stock may have a negative effect on the market price of the stock.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and WSCF undertakes no obligation to update such statements.

Contact Information