Business
Allied Energy Announces Record Earnings and Continued Growth for First 9 Months of 2010
Allied Energy Announces Record Earnings and Continued Growth for First 9 Months of 2010.
About this update from Allied Energy, Inc.
[{"type":"text","content":"BOWLING GREEN, KY-- (OTC: AGGI.PK) November 1, 2010-- Allied Energy announced today record earnings and continued growth for the combined first, second and third quarters of 2010. The company’s unaudited financial statements are now available at www.alliedenergy.comFor the nine months ended September 30, 2010, the Company’s reported total revenue of $20.8 million, which is a 96% increase from the same period for 2009. Of this amount, for the 2010 period, $19.9 million inrevenue is turnkey drilling revenue, and $875,600 is oil and gas production revenue. During the first nine months of 2009, the Company had $10.2 million of turnkey drilling revenue and $424,800 of oil and gas production revenue.Also for the nine months ended September 30, 2010,the Company’s earnings before income taxes (EBIT) of $5.6 million increased by 936% when compared to the Company’s earnings for the same period of 2009. Net income was $3.4 million for the first nine months of 2010 as compared with a net loss of $664,748 for the same period of 2009. The Company attributes the majority of this increase to the Company’s experienced personnel, management team, subsidiaries, progress in the field and strategic industry partners.The Company serves as the managing general partner for a number of general and limited partnerships in oil and natural gas development. These partnerships’ aggregate oil and natural gas exploration and development costs for 2010 increased to $10.6 million from $7.7 million in 2009 as a direct result of the Company’s continued aggressive acquisition and re-investment program including but not limited to increased participation in horizontal drilling programs, sponsorship of partnerships, lease acquisitions in Central-East Texas, well reworks and completions, building of gas line infrastructure, and the formation of the Company’s wholly-owned operating companies, Allied Operating Oklahoma, LLC and Allied Operating Texas, LLC. For the three month ended September 30, 2010, the Company’s total revenue was $10.8 million, including $10.5 million from turnkey drilling revenue and $384,600 from oil and gas production revenue. Also for the three months ended September 30, 2010, the Company’s earnings before income taxes were $5.0 million as compared with $999,600 for the same period ...