Allied Energy Group, Inc. Announces the Successful Drilling of 3 New Wells in Oklahoma Coalbed Methane Development Friday October 13, 4:01 pm ET
BOWLING GREEN, KY--(MARKET WIRE)--Oct 13, 2006 -- Allied Energy Group, Inc. (Other OTC:AGGI.PK - News), partnered with Mammoth Energy Group, Inc., is completing three more wells in its coalbed methane project in Rogers County, Oklahoma. When these three wells are brought on-line, the company will have ownership in 15 producing wells. ADVERTISEMENT
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).
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."
About Allied Energy Group
Allied Energy Group, Inc. (Other OTC:AGGI.PK - News) 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.
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, 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'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.
Contact: Company Contact:
Steve Stengell Allied Energy Group, Inc. 2800 Griffin Dr, Bowling Green, KY. 42101 Phone: 800-330-2535 Fax: 800-251-9322 Website: http://www.alliedenergy.com Email: info*alliedenergy.com
-------------------------------------------------------------------------------- Source: Allied Energy Group, Inc.
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