SOURCE: Allied Energy, Inc.

April 08, 2011 11:52 ET

Allied Energy Announces New CEO and Directors

BOWLING GREEN, KY--(Marketwire - Apr 8, 2011) - Allied Energy, Inc. (PINKSHEETS: AGGI) announced today that Scott Harris, formerly Executive Vice President of Allied, has been elected Chief Executive Officer and President, and that the members of its Board of Directors now consist of Richard M. Muller (Chairman), Scott Harris, and Robert Anastario, Jr.

Mr. Harris has been involved in the Company's growth, capitalization, marketing and sales, as an executive officer-employee of the Company since its inception, and has served as a member of its Board of Directors, since 2009.

Mr. Muller is the manager of M&A Advisors, LLC, a business and financial consulting firm. He has more than 30 years' experience in international business ventures, start-up businesses and other entrepreneurial pursuits, with substantial financial and transactional experience.

Mr. Anastario owns a number of real estate holding companies that have interests in industrial and manufacturing properties located in the southeast region of the United States.

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. These activities include the sale of program interests and of drilling and operating services. The Company relies upon its operating companies and other subsidiaries, strategic industry partners, consulting petroleum geologists, consulting engineers, other subcontractors and support personnel 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 production and reserves. The Company firmly believes its oil and natural gas exploration and development strategy will provide substantial growth to the Company for years to come. For more information: www.alliedenergy.com.

Allied Energy has achieved the "Best of Bowling Green" award for the category of crude oil and natural gas production for the last three years and was recently awarded the Bowing Green "Outstanding Business of the Year" community impact award for 2010.

Forward-Looking and Continuing Statements:

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, price of oil and natural gas, state of the economy, industry regulation, reliance upon expert recommendations and opinions, 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 including but not limited to the strength of the overall economy; and (iv) other risk factors inherent to the oil and gas industry.

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