SOURCE: Wall Street News Alert

October 12, 2006 09:43 ET

MMTH Is on the Move: Signs a $1.5 Million Partnership Agreement With Allied Energy Group! October 12, 2006

WESTON, FL -- (MARKET WIRE) -- October 12, 2006 -- Wall Street News Alert's "stocks to watch" this morning are: Mammoth Energy Group, Inc. (PINKSHEETS: MMTH), American Electric Power (NYSE: AEP), GlobalSantaFe Corporation (NYSE: GSF) and ENSCO International Inc. (NYSE: ESV).

Mammoth Energy Group, Inc. (PINKSHEETS: MMTH) may be a target of aggressive investors and day traders this morning! Yesterday after the stock markets closed, the company issued a press release announcing that it has entered into a Partnership Agreement with Allied Energy Group, Inc.

This news should get the attention of investors! Under the terms of the partnership, Allied Energy will invest $1.5 million into the natural gas project in Northeastern Oklahoma in exchange for a 33% working interest. This leaves Mammoth's wholly owned subsidiary, KMV Consulting, Inc., with a 66% working interest. The two companies are also working jointly on a shallow natural gas project in Colorado and an extensive project in northeastern Montana.

Continue to watch this company! According to the press release, the two companies have agreed that the funds will be utilized to increase the net acres under lease in Oklahoma and to drill another 20 or more wells, which if all are successfully completed would put the total well count at 35 wells. Three wells were completed last week and are being brought on-line, which puts the current well count at 15 producing wells. Assuming 30 wells are producing like the current wells, this would put total daily production at about 1,500,000 cubic feet per day (1,500 MCFD). With production at these levels, management believes that it can renegotiate a better gas purchase price, lower its line charges, gain economies of scale on well operations, and increase the project's overall gross profits.

Wall Street News Alert is placing Aggressive Investors on alert to monitor the progress of Mammoth Energy Group! "We have been talking with Allied for the past four months and are pleased to be jointly working together to take this project to the next level," said Christopher Miller, Mammoth's CEO. "The data we can aggregate across 20 to 30 wells should be sufficient to generate a proven reserve report that we can then take to finance an aggressive drilling program in our project. This partnership has come at a critical time when we have an opportunity to take advantage of renewed interest in natural gas in northeastern Oklahoma."

KMV Consulting will operate the project and manage the drilling of new wells, which typically cost significantly less than other larger scale drilling programs since the wells are shallow and can be drilled in a day or two. There are several wells that are shut-in and are just awaiting recompletion, which costs even less and are faster to bring on-line. After the $1.5 million is utilized, the two companies will each be responsible for expenses according to each company's proportional working interest.

Prior to the latest press release, the stock closed yesterday at Fifty One cents a share.

For an in-depth profile of Mammoth Energy Group, visit http://www.thenewssvc.com/MMTH101106.html

To view all of Wall Street News Alert's special early morning trading alerts for this morning, visit www.WallStreetNewsAlert.com, where you may also sign up to receive free email alerts in advance of our press releases being issued.

In case you are not familiar with the company: KMV is focused on developing shallow gas projects in northeastern Oklahoma due to the low risk, blanket characteristics in the area that make it possible to drill and produce a well nearly every time. It is currently focused on developing its Rogers County, OK project into a property with between 5,000 and 8,000 total net acres leased where it can embark on a drilling program aimed at getting 150 to 200 wells on-line. With rigs readily available and shallow wells that can be drilled quickly, this project is positioned to grow consistently each month as new wells are brought on-line.

American Electric Power (NYSE: AEP) up 1.2% on 4 million shares traded. American Electric Power is one of the largest electric utilities in the United States.

GlobalSantaFe Corporation (NYSE: GSF) down 2% on 3.8 million shares traded. GlobalSantaFe is one of the leading providers of offshore oil and gas drilling and drilling management services.

ENSCO International Inc. (NYSE: ESV) down 1.5% on 3 million shares traded. ENSCO owns and operates a modern fleet of offshore drilling rigs servicing the petroleum industry on a global basis.

Market Commentary:

"In good economic news, the Treasury Department reported that with the end of the fiscal year on September 30, the federal deficit was trimmed to $248 billion, a decline of $71 billion from the $319 billion gap recorded in 2005. Increased taxes from good corporate earnings helped to decrease the deficit," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.

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