SOURCE: Allied Energy Group, Inc.

September 26, 2007 09:30 ET

Allied Energy Group, Inc. Acquires Production and Off-Setting Acreage in Southern Rogers County, Oklahoma

BOWLING GREEN, KY--(Marketwire - September 26, 2007) - Allied Energy Group, Inc. (PINKSHEETS: AGGI) announced today that it has signed an agreement to acquire existing production and 1,895 acres to be developed in southern Rogers County, Oklahoma.

Allied will acquire working interest ownerships in 9 producing wells, 2 wells to be serviced and placed in production, and 1,895 additional acres located near Oologah, Oklahoma. Allied will immediately complete 5 wells and drill nine new wells on the acquired acreage.

"We believe this is a tremendous opportunity to develop the existing coal seams and Mississippi Limestone for both gas and oil production in one project area," said Steve Stengell, Allied's Executive Vice President of Operations.

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

About Allied Energy Group

Allied Energy Group, 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 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.

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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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