SOURCE: Allied Energy Group, Inc.

November 13, 2006 10:47 ET

Allied Energy Group, Inc. Announces Completion of Operations for Its Coalbed Methane Project in Oklahoma

BOWLING GREEN, KY -- (MARKET WIRE) -- November 13, 2006 -- Allied Energy Group, Inc. (PINKSHEETS: AGGI) announced the following update regarding its five-well coalbed methane project located in Rogers County, Oklahoma.

"We should be moving a completion rig on location in the next 7-10 days to begin completion on the first of the three wells already drilled," said Steve Stengell, Sr. Vice President of the Allied Energy Group, Inc. "We are confident as to the production potential for these wells and are scheduled to begin drilling the last two wells in the very near future," added Stengell.

The Company now has 15 gas wells in production, 3 in completion and 10-12 wells to be drilled by year-end in this area of Oklahoma.

About Allied Energy Group

Allied Energy Group, 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 employs geologists, petroleum engineers, seismic specialists, and financial analysts whose combined industry experience is essential to the success of each project. Allied Energy Group'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, 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'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.

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