SOURCE: Allied Energy, Inc.

October 09, 2008 15:08 ET

Allied Energy Provides an Update for Its 12-Well Program in Rogers County, Oklahoma

BOWLING GREEN, KY--(Marketwire - October 9, 2008) - Allied Energy, Inc. (PINKSHEETS: AGGI) provided the following report regarding its 12-well program in Rogers County, Oklahoma.

The Begley #12-3 and Begley #12-4 wells are now in production with the Noble Brewer #12-1 and Noble Brewer #12-2 wells in the final stages of completion. Artificial lift systems are currently being installed for each well. Tank batteries have been set and a connection to the main gas line has been made.

The Begley #12-3 and Begley #12-4 have a combined initial reported production rate of 20 barrels of crude and an estimated 20,000 cubic feet of gas per day (equivalent to 70,000 +/- cubic feet of gas per day per well at today's prices).

The Begley #12-5 (5th well) was drilled to total depth and encountered hydrocarbons in the Mississippi formation and is now awaiting completion. Allied is currently drilling the Begley #12-6 (6th well) and should reach total depth very soon.

"We expect to finalize drilling for the 2nd 4-well group in the next couple of weeks," said Steve Stengell, Allied's President.

No assurances can be made for future production rates.

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, third party geologists, industry consultants, petroleum engineers, and financial analysts whose combined industry experience is essential to the success of each project. Understanding the inherent risks of oil and gas development, 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.

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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 such as the reliance upon the recommendations of industry experts.

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