Allied Resources, Inc., an independent oil and gas producer, posted record financial results for the first half of 2008 due primarily to an increase in oil revenues.
Oil and gas revenues for the first six months of 2008 increased 78% to $693,152 from $390,292 for the comparative period in 2007. Income, before provision for income taxes, rose to $297,525 for the first six months of 2008 from $112,910 for the comparative period in 2007, an increase of 164%. Net income increased 155% to $196,525 for the first six months of 2008 from $77,110 for the comparative period in 2007.
Ruairidh Campbell, Allied’s chief executive officer, commented, “While we are very pleased with these results, we are convinced that growth opportunities remain within the reach of small independent producers as energy prices make a temporary retreat from all-time highs. We will continue to purchase proven production, and will seek to acquire abandoned oil and gas leases that might benefit from the use of improved production techniques. Our outlook going forward is very positive.”
Allied is an independent oil and natural gas producer involved in the exploration, development, production and sale of oil and gas derived from properties located in Calhoun and Ritchie Counties, West Virginia, and Goliad, Edwards and Jackson Counties, Texas. The company currently realizes production from a total of 158 wells with non-operated working interests ranging from 3% to 75%.
Allied intends to continue to purchase non-operated oil and gas producing properties, acquire oil and gas leases that it will operate and implement improved production efficiencies on existing wells. The company’s criteria for purchasing oil and gas producing properties is defined by short-term returns on investment, long-term growth in revenue, and development potential, while its criteria for acquiring oil and gas leases is predicated on a proven record of historical production and our own capacity to operate any given field.
For further investor information, please contact Ruairidh Campbell at (801) 582-9629 or visit Allied’s website at www.allied-resources-inc.com.