SOURCE: Allied Energy Group, Inc.

August 23, 2006 09:30 ET

Allied Energy Group, Inc.: Corporate Profile

BOWLING GREEN, KY -- (MARKET WIRE) -- August 23, 2006 -- Allied Energy Group, Inc. (PINKSHEETS: AGGI) is an independent energy development firm primarily engaged in the syndication, exploration, development, and production of oil and natural gas in the continental United States.

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.

Allied Energy Group understands the importance of developing strategic industry alliances and/or partnerships with leading companies throughout the oil and gas industry. Through realizing the area and industry expertise of its strategic industry partners, the Company brings a higher standard of performance to each and every project.

Allied Energy Group has been formed to participate and engage in the following types of business activities:

--  Oil and Natural Gas Exploration and Development building production
    and reserves through participating in joint ventures and acquisitions.
--  Oil and Natural Gas Drilling Program Syndication providing the very
    best private and public investment programs to the NASD broker dealer
    community and institutional investors.
--  Development of an Expert Board of Professional Individuals for
    analysis of oil and gas development and exploration.
--  Sponsorship of an International Energy Fund that specializes in the
    direct and indirect investments in oil and gas assets and will gain
    international institutional investment recognition for the company.
--  Other Related Oil / Gas and Energy Business Opportunities such as gas
    line sales, transmission, processing and the development of alternative
    fuels.
    
AEG was formed with the objective of becoming a leader in the independent oil and natural gas industry through growing the company's per share value of oil and natural gas reserves.

More information at www.alliedenergy.com

Certain statements in this release 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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