SOURCE: Allied Energy, Inc.

August 18, 2008 09:30 ET

Allied Energy Acquires Interest in Foust #3-9

BOWLING GREEN, KY--(Marketwire - August 18, 2008) - Allied Energy, Inc. (PINKSHEETS: AGGI) announced today that it has acquired 10% working interest in the recently drilled Foust #3-9 well located in Pawnee County, Oklahoma.

The Foust #3-9 was drilled to a total depth of 3,000 +/- feet and encountered indications of oil and/or gas in at least 5 different reservoirs that have previously been proven productive in this area. The Foust #3-9 is currently in the completion process and is anticipated to establish commercial oil production in the next couple of weeks. Although all of the indications are positive, the process of completion involves risks and no assurances can be made that commercial production will be achieved.

"Based on the professional recommendations from multiple petroleum geologists and the impressive historical oil production in this area, we are confident in this acquisition and have participated in two additional wells to be drilled in the future," said Allied's President Steve Stengell.

About Allied Energy

Allied Energy, Inc. (PINKSHEETS: AGGI) 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 relies upon its industry partners, well operators, third party geologists, industry consultants, petroleum engineers, and financial analysts whose combined industry experience is essential to the success of each project. Understanding the inherent risks of oil and gas development, Allied Energy'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.

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Certain statements in this release and the attached corporate profile that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks including but not limited to geological and geophysical risks inherent to the oil and gas industry, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company may have varying degrees of working interest ownership in each well and/or prospect. Thus, gross revenue projections may not be equal to what is distributed net to the Company. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors inherent to the oil and gas industry such as the reliance upon the recommendations of industry experts.

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