SOURCE: Allied Energy, Inc.

August 05, 2008 09:30 ET

Allied Energy Prepares to Begin Completion Operations for Its 12-Well Drilling Program in Rogers County

BOWLING GREEN, KY--(Marketwire - August 5, 2008) - Allied Energy, Inc. (PINKSHEETS: AGGI) announced today that it is tentatively scheduled to begin completion operations for the first 4 wells of its 12-well program in Rogers County, Oklahoma.

The Company has approximately 6,000 acres under lease, more than 60 wells under development and 22 additional wells to drill (4 of which have recently been drilled for its 12-well program) in the future while continuing to build and grow its own operating company, gas line transmission and sales infrastructure system in Rogers County.

"We are tentatively scheduled to begin completion of the first four locations in the next several weeks," said Steve Stengell, Allied's Vice President of Business Development. "We anticipate each of these four wells to be predominately oil producers with some additional gas production potential." The nearby Smith Peter Hickory #1 has produced more than 1,800 barrels of crude since February of this year from a similar reservoir. Although the Company is very confident in its projects, no assurance can be made that these same production levels will be achieved.

The Company currently executes a strategy of developing conservative projects with consistent projected returns. Although no specific results can be guaranteed, Allied management is focused on securing additional acreage in Rogers County with the goal of drilling about 150-200 CBM and/or conventional 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.

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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