SOURCE: Wall Street News Alert

October 11, 2006 09:42 ET

AGGI Is Still on the Move: Announces Coalbed Methane Program! October 11, 2006

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

WESTON, FL -- (MARKET WIRE) -- October 11, 2006 -- Wall Street News Alert's "stocks to watch" this morning are: Allied Energy Group, Inc. (PINKSHEETS: AGGI), Patterson-UTI Energy, Inc. (NASDAQ: PTEN), Massey Energy Company (NYSE: MEE) and Weatherford International Ltd. (NYSE: WFT).

Once again, Allied Energy Group, Inc. (PINKSHEETS: AGGI) 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 partnered with Mandalay Energy Resources, LLC of Denver, CO, to begin drilling the first of five coalbed methane wells in Rogers County, Oklahoma in the next 10 days.

This news may excite investors! A NYSE listed independent oil and gas company has reportedly had a 100% success rate on wells drilled in this area on more than 250 wells. As reported by the Oklahoma Geological Survey, there is a blanket Excello shale that covers the area which is largely responsible for the 300 plus coal bed methane wells drilled in this area with completion rates exceeding 98%. No assurances can be given that the coalbed methane wells in Rogers County, Oklahoma will have the same or similar success.

Wall Street News Alert is placing Aggressive Investors on alert to monitor the progress of Allied Energy Group! "I firmly believe that this could become a core area of operations for the company, given the ability for us to potentially produce gas from multiple coal seam formations in Rogers County," explained Steve Stengell, Sr. Vice President of Operations for the Allied Energy Group.

The operator of the wells in this project is Oklahoma based KMV Consulting, Inc., a wholly owned subsidiary of Mammoth Energy Group, Inc. Allied Energy Group is also finalizing agreements with Mammoth to develop a nearby area more aggressively in the very near future.

"What we like about this area is that the wells are easy to drill because they are only 1,000 to 1,500 feet with the first pay zone anywhere from 300 to 350 feet," added Stengell. "Rig availability is good and the infrastructure is already in place to bring any gas that is discovered to market. Add in a high probability of success and you have the ingredients for an excellent project from which to grow production and cash flow." Late Monday afternoon, the company announced that it is now finalizing plans to participate in a series of gas plays strategically located in the Illinois Basin and Eastern Kentucky.

"Given the positive outlook for the natural gas industry and production histories for the Illinois Basin and Eastern Kentucky, the Company has engaged itself in intense negotiations regarding the aggressive development of these areas in the future," explained Steve Stengell, Sr. Vice President Operations for the Allied Energy Group.

Prior to the latest press release, the stock closed yesterday at $1.00 a share.

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In case you are not familiar with the company: Allied Energy Group, Inc. 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 employs 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.

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) up 2.4% on 5.8 million shares traded.

Patterson-UTI Energy, Inc. provides onshore contract drilling services to exploration and production companies in North America.

Massey Energy Company (NYSE: MEE) up 9.9% on 4.9 million shares traded.

Massey Energy Company is one of the largest coal producers by revenue in the United States.

Weatherford International Ltd. (NYSE: WFT) up 2.3% on 4.9 million shares traded.

Weatherford is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry.

Market Commentary:

"The National Retail Federation is predicting a good holiday selling season, a 5% increase over 2005. Sales were $457.4 billion last year and the average consumer spent $775 on holiday shopping. Only about 1 in 20 will have completed their gift buying by November 1," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at:

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