SOURCE: Allied Energy, Inc.

October 15, 2008 10:42 ET

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

BOWLING GREEN, KY--(Marketwire - October 15, 2008) - Allied Energy, Inc. (PINKSHEETS: AGGI) provided the following report regarding its 12-well program in Rogers County, Oklahoma.

The Begley #12-6 (6th well) and Begley #12-7 (7th well) were both drilled to total depth and encountered hydrocarbons in the Mississippi formation and are now awaiting completion.

"We expect to finalize drilling for eight (8) of the twelve (12) wells in the next week," said Steve Stengell, Allied's President.

No assurances can be made that commercial production will be established for any given well.

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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