SOURCE: AllEnergy Corporation

March 12, 2012 06:47 ET

AllEnergy Strikes Oil on Its First Well on Its Belize Concession

DES MOINES, IA--(Marketwire - Mar 12, 2012) - AllEnergy Corporation (OTCQB: AFSE) (OTCBB: AFSE) (www.allenergyco.com), a growth-oriented international energy company, announced today that it struck oil on its first well on the Princess Concession in Belize. The first well is expected to be completed and put into production following review by the Belize Regulatory Officials. It is estimated to contain up to 6 million barrels of recoverable oil. The reservoir was determined in size by Satellite Image and Chem-Tool. Pay zone depth was determined from actual drilling and mud logging. Porosity and saturation were gauged visually by outside consultants using statistical modeling with low side parameters, predicting a reservoir of 6 million barrels. This figure could grow depending on the trending of the reservoir.

Dean Sukowatey, President and CEO of AllEnergy Corporation, stated, "We are extremely pleased with our interests in this concession. AllEnergy purchased a non-dilutive four percent interest in a Belize corporation that owns half of the concession. The amount of potential here is tremendous. We look forward to developing the Belize concession."

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