SOURCE: Allied Energy, Inc.

November 24, 2010 10:30 ET

Allied Energy Shareholders Elect Directors; Board Elects Brady as Interim CFO and Turner as Vice President of Operations

BOWLING GREEN, KY--(Marketwire - November 24, 2010) - Allied Energy, Inc. (PINKSHEETS: AGGI) held its Annual Meeting of Shareholders and Board of Directors Meeting on October 28, 2010.

At the Annual Meeting of Shareholders, Dirk Olsen, Steve Stengell, Robert "Bob" Cueto and Scott Harris were re-elected to serve as members of the Board of Directors. 

At the Board of Directors meeting later in the day, Steve Stengell was elected to serve as the Chairman of the Board, Tim Brady was elected as the Company's Interim Chief Financial Officer, and Joe Turner was elected as Vice President of Operations. Re-elected officers included Steve Stengell as Chairman of the Board and President, and Scott Harris and Bob Cueto as Executive Vice President.

The Company also discussed various operating activities, including its Rogers County, Oklahoma field operations, its Giddings Field, Texas horizontal project, its Leon County, Texas horizontal project, and its plan to become a fully reporting company. 

On November 12, 2010, Allied was named "Outstanding Business of the Year" for the Bowling Green area and received their "Community Impact Award of Southern Kentucky" at a banquet held at the National Corvette Museum.

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.

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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, risks of blow-outs and other potential damaging occurrences inherent to the oil and gas industry, and 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. For these and other reasons, 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 following: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its expansion 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.

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