SOURCE: Allied Energy, Inc.

July 14, 2008 09:30 ET

Allied Energy Announces Continued Drilling Success for Its 12-Well Program in Rogers County

BOWLING GREEN, KY--(Marketwire - July 14, 2008) - Allied Energy, Inc. (PINKSHEETS: AGGI) announced today that it has successfully drilled and encountered a potentially productive oil formation for each of the first 4 wells drilled for its 12-well program in Rogers County, Oklahoma.

The Begley #12-3, Begley #12-4, Noble Brewer #12-1 and Noble Brewer #12-2 wells were each drilled to 1,400 +/- feet in vertical depth and encountered what appears to be impressive oil shows from a conventional reservoir accompanied by several gas shows in various coal seam formations up the hole.

"Although we have not initiated completion operations and/or performed a production test for any of the first four wells, we are encouraged by the reported volume of potentially productive oil column in these wells," said Allied's Vice President of Business Development, Steve Stengell. "In some areas of Rogers County, oil production has become our primary target with natural gas providing additional income for the future," added Stengell.

Since February of this year, the Company's nearby Smith Peter Hickory #1 has produced nearly 1,800 barrels of crude from the same conventional reservoir (nearly $250,000 in gross production revenue at today's prices from one well realized in just six months of production).

Although the Company is confident in its current and future developments, no assurances can be made that these same production levels will be achieved in the future.

The Company has approximately 6,000 acres under lease, more than 60 wells under development and continues to build its own gas line infrastructure system in Rogers County to maximize its price for gas at the wellhead.

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, geologists, petroleum engineers, and financial analysts whose combined industry experience is essential to the success of each project. 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. There can be no assurances made that commercial production will be established in any given well and, if obtained, in sufficient quantities to make the well profitable. The Company may have varying degrees of working and net revenue 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.

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