SOURCE: Allied Energy, Inc.

December 02, 2010 12:57 ET

Allied Energy Receives Current Rating From OTCmarkets.com

BOWLING GREEN, KY--(Marketwire - December 2, 2010) - Allied Energy (PINKSHEETS: AGGI) announced today that the Company has received a current status rating as it relates to information disclosure to the general public from www.otcmarkets.com. The Company's financial statements and other corporate information are available at www.alliedenergy.com and www.otcmarkets.com

Earlier this spring, the Allied Operating Howard #1H, Allied's first horizontal well, was drilled to a total measured depth of approximately 17,000' in two horizontal laterals oriented northwest and southeast along existing trends. The Howard #1H encountered a series of natural gas bearing intervals while drilling through the primary objective Buda / Georgetown Limestone Formation.

On May 15, 2010, the Howard #1H had an initial flowing test rate of 4,011 MCFGD on a 20/64" choke with associated condensate and has initially produced, as expected, at an estimated sales rate of ~ 2,000 MCFD of gas with 25 to 30 BCPD while maintaining ~ 2250 PSI FTP.

The Company is currently drilling its second well in Grimes County, Texas, the Allied Howard #2H, and is scheduled to begin drilling its first horizontal well in Leon County, Texas in the next week or two.

"We are extremely pleased with the results we have seen thus far for 2010 field operations in Texas and Oklahoma and are ultimately pleased with the transparency provided by OTCmarkets.com," said Steve Stengell, Allied's President and CEO.

No assurance can be made as to the Company's future success and/or ability to sponsor general partnerships or other oil and natural gas projects. Nor can assurances can be made as it relates to present or future production rates or estimated reserves for any given project. Tremendous risks and uncertainty are associated with oil and gas drilling, completion, development and production operations. It is impossible to estimate future rates and/or declines in production operations for oil, condensate and natural gas.

Allied Energy has achieved the "Best of Bowling Green" award for the category of crude oil and natural gas production for the last two years and was recently awarded, by an independent selection committee, Bowling Green's "Outstanding Business of the Year" for 2010.

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 other operational personnel whose combined industry experience is essential to each project. Allied Energy's strategic focus is the development of oil and natural gas reserves.

For more information: www.alliedenergy.com
The financial reports herein are unaudited statements and should be used for management purposes only. 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, reliance upon expert recommendations and opinions, 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 including but not limited to the strength of the overall economy; and (iv) other risk factors inherent to the oil and gas industry.

Contact Information