SOURCE: All Energy Corporation

March 14, 2012 06:58 ET

All Energy Announces It Has Elected to Participate in the Singer Prospect With Potential Gross Revenue of $160 Million

HOUSTON, TX--(Marketwire - Mar 14, 2012) - AllEnergy Corporation (OTCQB: AFSE) (OTCBB: AFSE) (www.allenergyco.com), a growth-oriented international energy company, announced today that it has elected to participate in the Singer Prospect with potential gross reserves of 1,500,000 barrels of oil. This prospect is 320 acres located in Singer, Louisiana, and has the potential for three wells with estimated reserves of 500,000 barrels of oil per well. AllEnergy will have an approximate 5% working interest in this prospect.

Based upon cumulative production figures of similar wells in this area, it is estimated that each well could have 500,000 BOE reserves, which equates to $160,000,000 in gross revenue, assuming today's price of $107 per barrel with three wells drilled and successful. There is no guarantee that these wells will be successful or that these numbers will be achieved due to production and or price fluctuations. AllEnergy's net revenue interest would equate to approximately 4% of the gross revenue.

Dean Sukowatey, President and CEO of AllEnergy Corporation, stated, "We are extremely pleased to have completed the acquisition of this interest in Louisiana. The amount of potential here is tremendous, and we look forward to developing this prospect with our partners."

About AllEnergy Corporation
AllEnergy, an international energy company, is engaged in the acquisition, development and production of oil and natural gas. AllEnergy acquires and develops oil and gas leases which have "proven but undeveloped reserves" at the time of acquisition. These properties are not strategic to large exploration-oriented oil and gas companies. This strategy allows AllEnergy to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration.

The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.

Contact Information

  • Contact:
    Dean Sukowatey
    AllEnergy Corporation
    515-331-6509
    Dean@allenergyco.com
    6165 NW 86th Street
    Johnston, IA 50131