SOURCE: Allied Energy, Inc.

July 01, 2008 09:30 ET

Allied Energy Plans Immediate Off-Set to the Smith Peter Hickory #1 in Rogers County

BOWLING GREEN, KY--(Marketwire - July 1, 2008) - Allied Energy, Inc. (PINKSHEETS: AGGI) announced today that it has plans to drill an immediate off-set well to the Smith Peter Hickory #1 on its Hickory Hollow / Caney River lease in Rogers County.

"Since February of this year, the Company's Smith Peter Hickory #1 has produced more than 1,500 barrels of crude from a conventional reservoir," said Steve Stengell, Allied's Vice President of Business Development. "We are currently making plans to drill an immediate off-set well to the Smith Peter Hickory #1 and will be targeting this same conventional reservoir across our entire Rogers County leasehold in the future," added Stengell.

Although the Company is very confident in the development of its properties, no assurances can be made that these same production levels will be achieved in the future.

The Company has approximately 6,000 acres under lease, more than 60 wells under development and continues to build its own gas line infrastructure system in Rogers County to maximize its price for gas at the wellhead.

About Allied Energy

Allied Energy, 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, and financial analysts whose combined industry experience is essential to the success of each project. Allied Energy'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.

For more information: www.alliedenergy.com

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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