SOURCE: Allied Energy Group, Inc.

November 09, 2006 09:30 ET

Allied Energy Group, Inc. Announces the Re-Completion of Its Pring-Allied #2 in Schleicher County, Texas

BOWLING GREEN, KY -- (MARKET WIRE) -- November 9, 2006 --Allied Energy Group, Inc. (PINKSHEETS: AGGI), partnered with the Halliburton Operating Company, announced today the re-completion of its Pring-Allied #2 well located on its El Dorado Prospect leasehold in Schleicher County, Texas.

The Pring-Allied #2 was drilled to an approximate total depth of 6,600 +/- feet in February of this year and based on multiple reports from Schlumberger, a leading provider of oilfield services, boasts a significant amount of potentially productive oil zone in the Strawn Limestone.

The company has moved a completion unit on location and rendezvoused with Halliburton Services, Inc. Halliburton Services, Inc., also a leading provider of oilfield services, has just performed a "monomer" treatment in an attempt to seal-off the invasion of brine water into the well-bore and restore commercial oil production to the well.

"Although we cannot be certain as to the outcome for this well, given the pertinent reservoir information that we have obtained in recent months and the recommendations from Halliburton Services, Inc., we have a high degree of confidence regarding the re-completion and future potential for the Pring-Allied #2," said Scott Harris, Allied's Sr. Vice President of Business Development.

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 relies upon its 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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