SOURCE: Allied Energy Group, Inc.

November 16, 2006 09:30 ET

Allied Energy Group, Inc. Announces Continued Success and Future Plans for Its Coalbed Methane Developments in Oklahoma

BOWLING GREEN, KY -- (MARKET WIRE) -- November 16, 2006 -- Allied Energy Group, Inc. (PINKSHEETS: AGGI) provided the following report regarding its Coalbed Methane developments in Rogers County, Oklahoma.

Allied Energy Group, Inc. continues its 100% completion rate to date and currently has 15 wells in production, 6 wells in completion, and 9 more wells scheduled to be drilled this year in Rogers County.

"We are currently making plans to potentially drill and develop an additional 25 coalbed methane wells in this area beginning in early 2007," said Steve Stengell, Allied's Sr. Vice President Operations.

For the long-term, the Company has future plans to participate in the drilling of 150-200 coalbed methane wells in this area of Oklahoma.

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 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.

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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, 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'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.

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