Allied Energy Group, Inc. announced that partnered with the Young Oil Corporation, the Company has successfully drilled and discovered gas in all three of its wells located in Knox County, Kentucky.
“The Don Sullivan #8, Clarence Bright #2, and Dale Greer #1 were successfully drilled and are now scheduled to be completed for the production of natural gas,” said Scott Harris, Allied’s Sr. Vice President of Business Development. “Although there can be no assurances we expect all three wells to go into production in the next 45 days.”
“An estimated 60 feet of reported reservoir for the Big Lime formation in the Don Sullivan #8 is encouraging,” said Steve Stengell, Sr. Vice President of Operations for the Company. “We believe that after the stimulation treatment and completion of these wells we can expect a stable long-term addition to the company’s oil and gas income stream.”
About Allied Energy Group
Allied Energy Group, 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 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.
For more information: www.alliedenergy.com
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.
Allied Energy Group, Inc.
2800 Griffin Dr,
Bowling Green, KY 42101