SOURCE: Allied Energy, Inc.

January 09, 2008 13:30 ET

Allied Energy Completes Drilling Operations by Year-End in Rogers County, Oklahoma

BOWLING GREEN, KY--(Marketwire - January 9, 2008) - Allied Energy (PINKSHEETS: AGGI) announced today that it has successfully drilled 17 straight wells on its leaseholds in southern Rogers County, Oklahoma including 8 wells in just the last two weeks of the year.

In December, Allied secured two rigs to drill the 8 additional wells scheduled to be drilled before year-end. The Begley #1, Begley #2, Begley #3, Begley #4, F. Patrick #1, Begley #2H, Brewer #1H, and F. Patrick #2 wells were successfully drilled encountering gas in multiple coal seam formations along with the potential for oil production.

"We are very pleased with the fact that we drilled all 8 wells by year-end," said Steve Stengell, Allied's Vice President of Business Development. "The ability to operate at this level of efficiency in the field greatly enhances our long-term strategy to develop this area," added Stengell.

Allied has plans to begin the drilling of the 12 additional wells it has scheduled for the first quarter of 2008.

This area is a southern extension of current Company wells, executing a strategy of developing conservative projects with consistent projected returns. Allied is focused on securing additional acreage in Rogers County with the goal of drilling about 150-200 CBM wells over the next few years.

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.

For more information:

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.

Contact Information