SOURCE: Allied Energy, Inc.

May 05, 2008 09:30 ET

Allied Energy Announces Record Earnings and Continued Growth for the First Quarter 2008

BOWLING GREEN, KY--(Marketwire - May 5, 2008) - Allied Energy, Inc. (PINKSHEETS: AGGI) announced today record earnings and continued growth for the first quarter and its unaudited financial statements are now available to the general public at www.pinksheets.com.

The Company had reported sales of $2,483,324 and net income of $791,657 for the first quarter ended March 31, 2008. Management considers this result a significant improvement when compared to the Company's unaudited reported net loss of ($345,623) for the first quarter ended March 31, 2007. The Company's reported total assets have also increased from $2,084,802 for the first quarter ended March 31, 2007 to $5,102,186 for the first quarter ended March 31, 2008.

"Although we cannot make any assurances, we believe that we are on track to outperform 2007 in 2008," said Steve Stengell, Allied's Vice President of Business Development. "We are working diligently to put wells in production and begin selling gas from the Company's southern field in Rogers County, Oklahoma."

The Company currently executes a strategy of developing conservative projects with consistent projected returns. Allied is focused on securing additional acreage in Rogers County with the goal of drilling about 150-200 CBM and/or conventional wells over the next few years.

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.

For more information: www.alliedenergy.com

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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