SOURCE: Allied Energy, Inc.

August 07, 2008 09:30 ET

Allied Energy Announces New Management Structure

BOWLING GREEN, KY--(Marketwire - August 7, 2008) - Allied Energy, Inc. (PINKSHEETS: AGGI) announced today that the Board of Directors has unanimously elected Steve Stengell as the Company's new President. Cole Halliburton has resigned as President in order to play a more active role within the Company's Board of Directors.

"Over the past 8 months, we have experienced unprecedented growth, record earnings and achievements for the Company; a significant amount of this success is the direct result of one key member of management, Steve Stengell," said Allied's former President, Cole Halliburton. "Steve continues to demonstrate the experience, knowledge and management skills necessary to continue leading Allied Energy, Inc. in the direction of being a successful, fully integrated exploration and production company, having the potential to realize real value for the Company and its shareholders," added Halliburton.

According to all management personnel at Allied Energy, Inc., "Steve Stengell possesses the right stuff to continue to stimulate the Company's growth, resulting in Allied Energy, Inc. becoming a major player in today's energy market."

Mr. Stengell has over 10 years of management experience in all areas of the oil and natural gas industry and has been employed by Allied Energy since the Company was founded June 2003. Mr. Stengell graduated from the University of Kentucky with a Bachelor of Business Administration in Corporate Finance and holds an MBA from Western Kentucky University. In 2004, Mr. Stengell attended the Executive Management Program sponsored by the Independent Petroleum Association of America (IPAA). This intense management program was instructed by professors from the Harvard Business School of Cambridge, Massachusetts. In May 2006, Mr. Stengell completed the "Reserves and Evaluation" graduate certificate program at Texas A&M University Department of Petroleum Engineering.

About Allied Energy

Allied Energy, Inc. (PINKSHEETS: AGGI) 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 relies upon its industry partners, well operators, geologists, petroleum engineers, and financial analysts whose combined industry experience is essential to the success of each project. Allied Energy'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.

Allied's Community Involvement and Charitable Contributions

In addition to sponsoring the grand opening of Circus Square Park in Bowling Green earlier this Summer, Allied has for the previous two years participated as the senior sponsor and largest contributor to the Jaycees Christmas Shopping Tour for Kids located at the Wal-mart on Campbell lane. This event has now grown to become a 2-weekend event providing Christmas for nearly 150 children in the Bowling Green Warren County area. Just this year, Allied also sponsored the Royals of the Bowling Green Adult Baseball League and various other sports activities for youth in Warren County. Allied has also sponsored the "Partnership Prevention" program which was developed locally and very similar to that of "Dare to Keep Kids Off Drugs." Nationally, the Company continues to sponsor such programs as the Kids Wish Network, Feed the Children and the Salvation Army.

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Certain statements in this release and the attached corporate profile that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks including but not limited to geological and geophysical risks inherent to the oil and gas industry, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company may have varying degrees of working interest ownership in each well and/or prospect. Thus, gross revenue projections may not be equal to what is distributed net to the Company. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors inherent to the oil and gas industry.

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