BOWLING GREEN, KY — (Marketwire) — 02/15/12 — Allied Energy, Inc. (PINKSHEETS: AGGI) today announced updated production information relating to the Howard #2 horizontal gas well completed by the company in Grimes County, Texas for one of its sponsored general partnerships.
The gas production of the Howard #2 well, which was shut-in during December 2011 for the construction and commencement of an amine plant to purify the gas being produced, was recommenced in January 2012 and has stabilized at a rate of approximately two million cubic feet of natural gas per day plus the associated condensate and natural gas liquids. This production will be subject to normal declines over the life of the well. The well, which was completed in the Georgetown Buda formation, was drilled to a TMD (total measured depth) of approximately 18,000–. Allied Energy, Inc. has a nominal interest in the Howard #2 well.
is an independent oil and gas development company primarily engaged in the business of providing turnkey drilling and operations management services to oil and gas general partnerships that the Company organizes and sponsors. The partnerships are formed to develop oil and natural gas reserves in the continental United States. The Company may at times participate in the same prospects for its own account outside of the partnerships. In undertaking its oil and natural gas activities, Allied relies upon industry partners and well operators, as well as consulting geologists and petroleum engineers, and other operational personnel. The Company–s majority-owned subsidiary, Allied Gas Transmission, Inc. (“AGT”), owns and operates a natural gas gathering and transmission line to service certain partnership wells in Rogers County, Oklahoma. Allied also has two wholly-owned subsidiaries that act as operators for the sponsored general partnerships of the Company in Oklahoma and Texas, Allied Operating, LLC (“AO”), and Allied Operating Texas, LLC (“AOT”), respectively.
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, and 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 (i) the Company–s ability to obtain sufficient capital or a strategic business arrangement to fund its expansion 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.
Heather Age
Allied Energy, Inc.
2427 Russellville Road
Bowling Green, KY 42101
Phone: 866-256-5836
Fax: 800-251-9322
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