SOURCE: Allied Energy, Inc.

February 21, 2008 09:30 ET

Allied Energy Announces Stock Buy-Back Program

BOWLING GREEN, KY--(Marketwire - February 21, 2008) - Allied Energy, Inc. (PINKSHEETS: AGGI) announced today that management has instituted a buy-back program that permits the Company to purchase shares of its common stock in the open market. The Company buy-back program is capped at purchasing no greater than $20,000 in shares of its common stock per month.

"We consider our stock to be a solid investment opportunity and viable use of our cash resources," said Cole Halliburton, Allied's President. "We remain confident in our long-term revenue, ability to build production and reserves, profit and earnings per share growth and believe the purchase of shares will be beneficial to shareholder value," added Mr. Halliburton.

"We are especially pleased with the recent progress we have made in Rogers County as it relates to expediting our drilling, completion and production timelines," said Steve Stengell, Allied's Vice President of Business Development.

The company currently has just over 60 coalbed methane wells either producing, going into production or under development in the northern and southern areas of Rogers County, Oklahoma, executing 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 wells over the next few years.

Allied has plans to begin the drilling 12 additional wells scheduled for the first or second quarter of 2008.

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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