SOURCE: Wall Street News Alert

October 10, 2006 08:36 ET

Hot Stock Watch: Emerging Public Company Finalizing Plans to Participate in a Series of Gas Plays! October 10, 2006

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Wall Street Capital Funding.

WESTON, FL -- (MARKET WIRE) -- October 10, 2006 -- Wall Street News Alert's "stocks to watch" this morning are: Allied Energy Group, Inc. (PINKSHEETS: AGGI), Exxon Mobil Corporation (NYSE: XOM), Valero Energy Corporation (NYSE: VLO) and Schlumberger Limited (NYSE: SLB).

Allied Energy Group, Inc. (PINKSHEETS: AGGI) may be a target of aggressive investors and day traders this morning! Yesterday after the stock markets closed, the company issued a press release announcing that with Cole Halliburton on board as President, effective August 1, 2006, the Company is now finalizing plans to participate in a series of gas plays strategically located in the Illinois Basin and Eastern Kentucky.

News of the gas plays could get the attention of investors! According to the press release, management is focused on a project wherein Allied would participate in the drilling of a series of shallow natural gas wells in an area where a well typically produces anywhere from 100,000 to 250,000 cubic feet of gas per day (100 to 250 MCFD).

"Given the positive outlook for the natural gas industry and production histories for the Illinois Basin and Eastern Kentucky, the Company has engaged itself in intense negotiations regarding the aggressive development of these areas in the future," explained Steve Stengell, Sr. Vice President Operations for the Allied Energy Group.

Wall Street News Alert is placing Aggressive Investors on alert to monitor the progress of Allied Energy Group! The Illinois Basin and parts of Eastern Kentucky were originally explored for oil with some fields being prolific, producing 2 to 3 million barrels of oil. While natural gas was discovered during much of this original exploration, the infrastructure was not in place to make the discoveries commercially viable, especially with natural gas prices under $1 per MCF. With natural gas prices much higher, a number of companies have re-entered the area and built the infrastructure to bring natural gas discovered in the area to market.

"Today, and over the years, a myriad of public and private oil and natural gas companies have been quite successful in and around this area, including NGAS Resources and the Chesapeake Energy Corporation. We cannot be certain but we are extremely optimistic that we will have similar success," added Mr. Stengell.

Prior to the latest press release, the stock closed yesterday at Eighty Nine cents a share.

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In case you are not familiar with the company: Allied Energy Group, Inc. 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 employs geologists, petroleum engineers, seismic specialists, and financial analysts whose combined industry experience is essential to the success of each project. Allied Energy Group'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.

Exxon Mobil Corporation (NYSE: XOM) down 1.4% on 19.2 million shares traded.

Exxon Mobil Corporation is an international energy company whose subsidiaries have operations in many countries and territories.

Valero Energy Corporation (NYSE: VLO) down 1.6% on 12.3 million shares traded.

Valero Energy Corporation owns and operates 18 refineries throughout the United States, Canada and the Caribbean.

Schlumberger Limited (NYSE: SLB) down 2% on 9.1 million shares traded.

Schlumberger is one of the leading oilfield services companies.

Market Commentary:

"Oil was up by 59 cents, or $60.29 a barrel, in morning trading with uncertainty from N. Korea and OPEC yet to announce if they are cutting production by 1 million barrels a day. Keep those electric, hybrid, and mixed-fuel cars coming," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at:

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