SOURCE: Allied Energy Group, Inc.

April 23, 2007 09:30 ET

Allied Energy Group, Inc. Provides an Update for Its Five-Well Coalbed Methane Drilling Program

BOWLING GREEN, KY -- (MARKET WIRE) -- April 23, 2007 -- Allied Energy Group, Inc. (PINKSHEETS: AGGI) announced today that it has completed four of its five wells for production in its five-well coalbed methane drilling program in Rogers County, Oklahoma. The Company has finished completion efforts on the Schmidt #1, #3, #4, and #5, which are all now waiting to be connected to the pipeline. The final program well (Schmidt #3b) will be completed and added to production shortly after these wells are flowing into the line.

The Company had been waiting for approval from the County for a required right-of-way easement needed before laying the last part of gas line that connects the wells to the pipeline. "Now that this final hurdle has been cleared, we should have gas flowing into the pipeline and being sold to the existing gas market within the next two weeks," said Allied's Sr. Vice President Operations, Steve Stengell.

Allied's three-well program to the west is also in the final stages of completion and the wells are expected to be tied into the line by the end of April 2007. Including these eight wells, Allied has now been involved in the framework of drilling and completing over 13 wells in this area since October 2006.

The Company is putting together more projects in this area of Rogers County where it intends to deploy resources over the next few years.

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 industry partners, well operators, 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 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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