SOURCE: Allied Energy, Inc.

September 16, 2008 14:56 ET

Allied Energy Announces Plans to Drill Two More Wells in Southeast Ohio

BOWLING GREEN, KY--(Marketwire - September 16, 2008) - Allied Energy, Inc. (PINKSHEETS: AGGI) announced today its plans to drill two more wells in Washington and/or Athens Counties, Ohio.

The Company now has plans to drill a total of eight (8) wells in Washington and/or Athens Counties to a vertical depth of 4,000 +/- feet to test various conventional and nonconventional reservoirs for natural gas.

"High BTU content and the quality of gas, close proximity to gas markets of the northeast and a combination of gas production potential from both conventional and nonconventional reservoirs bode well for our projects in Southeast Ohio. This is exactly why we decided to drill two more locations," said Steve Stengell, Allied's President. "We are tentatively scheduled to begin drilling our fourth location in the next 9 days," added 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, 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. 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.

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