SOURCE: Wall Street News Alert

October 12, 2006 08:33 ET

Wall Street News Alert: Emerging Public Company Signs a $1.5 Million Partnership Agreement With Allied Energy Group! October 12, 2006

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Wall Street Capital Funding.

WESTON, FL -- (MARKET WIRE) -- October 12, 2006 -- Wall Street News Alert's "stocks to watch" this morning are: Mammoth Energy Group, Inc. (PINKSHEETS: MMTH), BJ Services Company (NYSE: BJS), Devon Energy Corporation (NYSE: DVN) and Anadarko Petroleum Corp. (NYSE: APC).

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.

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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.

BJ Services Company (NYSE: BJS) down 2.4% on 6.4 million shares traded. BJ Services Company is a provider of pressure pumping and other oilfield services to the petroleum industry.

Devon Energy Corporation (NYSE: DVN) down 1.6% on 5.5 million shares traded. Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration, production and property acquisitions.

Anadarko Petroleum Corp. (NYSE: APC) down 1% on 4.4 million shares traded. Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare.

Market Commentary:

"Oil was at $58.50 off by 2 cents and gold was up by $4.80 or $581.00 an ounce. OPEC announced that they will cut production by 1 million barrels per day at the end of October. Winter heating oil will be up slightly, but weather forecasters are predicting a milder winter than last year," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.c om.

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