BOWLING GREEN, KY--(Marketwired - Jan 3, 2014) - Allied Energy, Inc. ("Company") (OTC Pink: AGGI) today announced that on December 30, 2013, Robert Anastario, Jr. resigned as a member of the board of directors of the Company. Richard Muller and Scott Harris are the two continuing directors of the Company.
The Company also announced that it has completed its evaluation of certain general partnerships for which it acts as managing general partner in Oklahoma and Colorado. Based upon the findings, and pursuant to the partnership agreements of the affected partnerships, Allied, as managing general partner, has dissolved and plans to terminate the following general partnerships due to non-profitability and continuing cash deficits from the operations of those non-economic partnerships.
Bush Spectrum 7 Development
Caney River CBM Production and Drilling Program
Cherokee 25 Production & Drilling
Hickory Hollow Production & Drilling Program
Morgan County Off-Set Development
Morgan County Off-Set Program
Pawnee-Rogers County Joint Venture
Pawnee-Rogers County Development
Pawnee-SE Ohio Development
SE Ohio Shale & Oriskany Development
South Rogers Six
T3 CBM Development
Talala Coalbed Methane Development
US CBM Energy Program
Allied continues to serve as managing general partner for approximately 35 additional partnerships and joint ventures that are operating in areas of Texas and Oklahoma.
About Allied Energy: Allied Energy, Inc. is engaged in the oil and gas exploration and development business, with operations located primarily in Texas and Oklahoma. The Company sponsors oil & gas partnerships through which it raises funds for the drilling and development of oil & gas wells. The Company serves as managing general partner of the partnerships and often owns differing partnership interests in the partnerships and/or differing direct interests in the properties in which the partnerships participate.
The Company's ultimate strategic focus is on the development of oil and natural gas production and reserves. The Company believes that its oil and natural gas development strategy will provide growth to the Company in the future. For more information: www.alliedenergy.com
Forward-Looking and Continuing Statements:
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, and uncertainties and other factors that may cause the actual results, price of oil and natural gas, state of the economy, industry regulation, reliance upon expert recommendations and opinions, and 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: (i) the Company's ability to obtain sufficient capital or strategic business arrangements to fund its drilling plans; (ii) the Company's ability to 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, including but not limited to the strength of the overall economy; and (iv) other risk factors inherent to the oil and gas industry.