BOWLING GREEN, KY - 8/12/2013 5:31:00 AM - - Allied Energy, Inc. ("Company") (OTC PINK: AGGI) is pleased to announce drilling updates with regard to the Walker #1H and Clanton #1H horizontal wells in Milam County, Texas.
Walker #1H Well: The Walker #1H well was recently drilled to a total vertical depth (TVD) of 5,686' and a total measured depth (TMD) of 8,272'. The well was drilled horizontally in the Austin Chalk formation, where heavy natural fracturing was encountered.
The Walker #1H well is the second in a series of three wells to be drilled on the company's Yakesch lease in Milam County, Texas. The Company's engineers are currently developing a completion program that is expected to commence in the next few weeks.
The Walker #1H well was drilled on behalf of two general partnerships sponsored by the Company. The Company holds a 0.197% working interest in the well.
Clanton #1H Well: The Clanton #1H well was recently drilled to a total vertical depth (TVD) of 6,120' and a total measured depth (TMD) of 8,638' and had heavy natural fracturing along the lateral section. The Company plans to commence completion operations in the next few weeks.
This is the third horizontal well drilled by the Company on its Yakesch lease in Milam County, Texas.
The Clanton #1H well was drilled on behalf of two general partnerships sponsored by the Company. The Company has a 0.197% working interest in the well.
Company President, Scott Harris said, "We are very encouraged by the results we have seen thus far in Milam County and look forward to the drilling of additional wells in the future."
About Allied Energy:
Allied Energy, Inc. sponsors oil & gas partnerships through which it raises funds for the drilling and development of oil & gas wells. The Company serves as managing general partner and as the turnkey operator for the partnerships, and often owns small interests in the partnerships and/or small interests in the properties in which the partnerships participate.
The Company's ultimate strategic focus is on the development of oil and natural gas production and reserves. The Company believes that its oil and natural gas development strategy will provide growth to the Company in the future. For more information: http://www.alliedenergy.com/
Forward-Looking and Continuing Statements:
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, and uncertainties and other factors that may cause the actual results, price of oil and natural gas, state of the economy, industry regulation, reliance upon expert recommendations and opinions, and 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: (i) the Company's ability to obtain sufficient capital or strategic business arrangements to fund its drilling plans; (ii) the Company's ability to 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, including but not limited to the strength of the overall economy; and (iv) other risk factors inherent to the oil and gas industry.
Allied Energy, Inc.
2427 Russellville Road
Bowling Green, KY 42101
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