SOURCE: Wall Street News Alert

Wall Street News Alert

October 16, 2006 09:08 ET

Stock Alert: Emerging Public Company Announces the Successful Drilling of 3 New Wells! October 16, 2006

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

WESTON, FL--(Marketwire - October 16, 2006) - Wall Street News Alert's "stocks to watch" this morning are: Allied Energy Group, Inc. (PINKSHEETS: AGGI), Broadcom Corporation (NASDAQ: BRCM), CMGI, Inc. (NASDAQ: CMGI) and UnumProvident Corporation (NYSE: UNM).

As the company continues to issue positive news, 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, partnered with Mammoth Energy Group, it is completing three more wells in its coalbed methane project in Rogers County, Oklahoma.

This news may excite investors! According to the press release, when these three wells are brought on-line, the company will have ownership in 15 producing wells.

The Joy Wagoner #4, Drew Wagoner #4 and Alan Carter #2 wells were treated with a "frac" stimulation treatment in September and are scheduled to be put in production in the next couple of weeks. The Alan Carter #2 had reported oil flowing and possible oil production potential as reported by an electric log of the well. Management anticipates that these three wells should be on-line by mid-October and should bring the project's total natural gas production to an average of just under 750 thousand cubic feet per day (MCFD).

Wall Street News Alert is placing Aggressive Investors on alert to monitor the progress of Allied Energy Group! Allied Energy Group's interest is in all 15 gas wells on over 1,000 net acres under lease in Northeastern Oklahoma. This area holds tremendous reserve potential for the Company and boasts reported completion rates exceeding 98%. The two companies intend to expand this project aggressively over the next 12 months.

"These completions further demonstrate the conservative nature of this entire coalbed methane development," said Steve Stengell, Allied's Sr. Vice President of Operations. "The possibility of adding oil production to the mix makes the economics even better."

For an in-depth profile of Allied Energy Group, visit http://www.thenewssvc.com/AGGI101506.html

Prior to the latest press release, the stock closed yesterday at Ninety-Two cents a share.

To view all of Wall Street News Alert's special early morning trading alerts for this morning, visit www.WallStreetNewsAlert.com, where you may also sign up to receive free email alerts in advance of our press releases being issued.

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.

Broadcom Corporation (NASDAQ: BRCM) up 3.4% on 13.2 million shares traded.

Broadcom Corporation is one of the leaders in semiconductors for wired and wireless communications.

CMGI, Inc. (NASDAQ: CMGI) up 13.8% on 24.5 million shares traded.

CMGI, Inc. through its subsidiary, ModusLink, provides industry-leading global supply chain management services and solutions that help businesses market, sell and distribute their products around the world.

UnumProvident Corporation (NYSE: UNM) up 9.2% on 12.7 million shares traded.

UnumProvident is one of the largest providers of group and individual income protection insurance.

Market Commentary:

"Oil prices rose to above $58 a barrel on Friday after Norway ordered production shut down at two offshore platforms, reducing flows by about 10 percent from the world's third-largest oil exporter. Since topping off in July above $78, the cost of crude oil has dropped by more than 25% and stabilized at around $60 a barrel," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.

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