BOWLING GREEN, KY — (Marketwire) — 05/11/12 — Allied Energy, Inc. (PINKSHEETS: AGGI) (AGGI: “AEI”, the “Company” or “Allied”) is pleased to announce the appointment of Joe D. Pierce to the position of Vice President of Operations of the Company.
Mr. Pierce is a seasoned petroleum engineer who has been involved in virtually every aspect of the oil and gas business for more than 37 years. He has been essential in the planning and managing of highly successful drilling, completion, stimulation and production operations throughout the United States, Gulf of Mexico, Persian Gulf, Saudi Arabia, and Venezuela.
Mr. Pierce is a specialist in horizontal drilling and multi-stage fracturing of oil and gas formations and has worked closely with many of the largest and most highly respected oil and gas companies in the world.
Company CEO Scott Harris states: “Over the last several months, we have been highly impressed with Mr. Pierce–s experience and knowledge while acting as a consulting engineer to the Company, and we are now delighted to welcome Joe as Vice President of Operations. We expect Joe to play a crucial role in the new direction of Allied, by providing the technical and operational experience that is needed to deliver high rate-of-return projects to our sponsored general partnerships and growth and value to our shareholders.”
Allied Energy, Inc. is engaged in the oil and gas exploration and development business, with operations located primarily in Texas, Oklahoma and Ohio. The Company 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 of the partnerships and often owns differing partnership interests in the partnerships and/or differing direct interests in the properties in which the partnerships participate.
The Company–s subsidiaries include Allied Operating, LLC and Allied Operating, Texas, LLC, two operating companies that are used to manage the drilling, development and operations of the oil & gas drilling partnerships sponsored by the Company, as well as for other non-affiliated oil and gas companies that are joint interest owners in drilling activities owned primarily by partnerships sponsored by the Company. The Company is also majority owner of Allied Gas Transmission, Inc., which owns the pipeline system used to transmit production from gas wells located in Rogers County, Oklahoma to gas purchasers.
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:
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, price of oil and natural gas, state of the economy, industry regulation, reliance upon expert recommendations and opinions, 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 strategic business arrangements to fund its drilling 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, including but not limited to the strength of the overall economy; and (iv) other risk factors inherent to the oil and gas industry.
Heather Age
Allied Energy, Inc.
2427 Russellville Road
Bowling Green, KY 42101
Phone: 866-256-5836
Fax: 800-251-9322
Website:
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