Pink Sheets Penny Stocks News
Jul 28, 2008 9:30:00 AM
BOWLING GREEN, KY -- (MARKET WIRE) -- 07/28/08 -- Allied Energy, Inc. (PINKSHEETS: AGGI) announced today that it has drilled an immediate off-set well to the Smith Peter Hickory #1 on its Hickory Hollow / Caney River leasehold in Rogers County.
"The Smith Peter #2 encountered apparent gas shows in both a conventional and coal seam formation," said Steve Stengell, Allied's Vice President of Business Development. "We are preparing to complete the well for production in the near future."
The Company's Smith Peter Hickory #1 has produced more than 1,800 barrels of crude from a conventional reservoir since February of this year.
Although the Company is confident in its future developments, no assurances can be made that these same production levels will be achieved.
The Company has approximately 6,000 acres under lease, more than 60 wells under development and continues to build its own gas line infrastructure system in Rogers County to maximize its price for gas at the wellhead.