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Allied Energy Announces Semi-Annual Record Earnings and Growth for 2008

Posted on: Tuesday, 22 July 2008, 09:01 CDT

Allied Energy, Inc. (PINKSHEETS: AGGI) announced today record earnings and continued growth for the first and second quarters and its unaudited financial statements will be available to the general public on Wednesday, July 23 at www.pinksheets.com and www.alliedenergy.com.

The Company had reported sales of $4,682,171 and net income of $526,330 for the first and second quarters of 2008. A significant improvement when compared to the Company's slow start last year with an unaudited reported sales of $2,154,208 and net income of $68,295 for the first and second quarters of 2007. The Company's reported total assets have also increased from $3,331,316 to $5,769,037 since the second quarter 2007. Although the Company's third party auditor and accounting firm has reviewed this information, these financial statements are unaudited and should be used for management purposes only.

"We remain extremely confident that we are on track to outperform 2007 in 2008 especially given the fact that the majority of our business typically occurs in the third and fourth quarters," said Steve Stengell, Allied's Vice President of Business Development. "Despite record levels of rain and continued delays of the past, we are excited about the fact that the weather in Oklahoma appears to be clearing. This should allow us to work more effectively to put wells in production, lay gas line and begin selling gas from the Company's southern field in Rogers County, Oklahoma."

The Company currently executes a strategy of developing conservative projects with consistent projected returns in Oklahoma. Allied is focused on securing additional acreage in Rogers County with the goal of drilling about 150-200 CBM and/or conventional wells over the next few years.

In addition to Rogers County, Oklahoma, the Company has expanded its drilling operations to include a 6-well pilot program in Southeast Ohio while also participating in projects located in Fisher County, Texas and Morgan County, Colorado.

About Allied Energy

Allied Energy, 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 relies upon its industry partners, well operators, geologists, petroleum engineers, and financial analysts whose combined industry experience is essential to the success of each project. Allied Energy'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 oil and natural gas exploration strategy should provide substantial growth to the company for the years to come.

For more information: www.alliedenergy.com

The financial reports herein are unaudited statements and should be used for management purposes only. 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 including but not limited to geological and geophysical risks inherent to the oil and gas industry, 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 may have varying degrees of working interest ownership in each well and/or prospect. Thus, gross revenue projections may not be equal to what is distributed net to the Company. 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 inherent to the oil and gas industry.

 Company Contact: Steve Stengell Allied Energy, Inc. 2800 Griffin Dr. Bowling Green, KY 42101 Phone: 866-256-5836 Fax: 800-251-9322 Website: www.alliedenergy.com Email: info@alliedenergy.com

SOURCE: Allied Energy, Inc.

Source: MARKET WIRE

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