Business
Allied Energy Announces to Acquire New Corporate Headquarters in Bowling Green, KY
Allied Energy Announces to Acquire New Corporate Headquarters in Bowling Green, KY.
About this update from Allied Energy, Inc.
[{"type":"text","content":"BOWLING GREEN, Kentucky, February 3, 2011 – Allied Energy Inc. (OTCMarkets: AGGI.PK) announced today that the company has signed a letter of intent to purchase its new corporate headquarters in Bowling Green, Kentucky. The property is located at 2427 Russellville Road and is the former State Farm claims service center.Allied’s new building is located on ~4.6 acres (zoned highway business) and consists of ~11,200 square feet of existing office space. Allied has plans to immediately build out and expand to up to ~13,500’ total office space in an effort to facilitate continued record sales and growth for the company.For the nine months ended September 30, 2010, the Company reported total revenue of $20.8 million, which was a 96% increase from the same period for 2009. Of this amount, for the 2010 period, $19.9 million in revenue was turnkey drilling revenue, and $875,600 was 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. The Company’s earnings before income taxes (EBIT) of $5.0 million increased by 845% when compared to the Company’s earnings for the same period of 2009. Net income was $2.8 million for the first nine months of 2010 as compared with a net loss of $664,748 for the same period of 2009. Allied Energy, Inc. is an independent oil and natural gas operator engaged in the exploration, development, and production of oil and natural gas, primarily in Texas and Oklahoma. Through its wholly owned subsidiaries, Allied Operating Oklahoma LLC and Allied Operating Texas LLC, and its Allied Gas Transmission, a majority owned subsidiary, Allied Energy, Inc.operates its oil and natural gas properties. The company’s strategic focus is the development of reserves through the utilization of the latest horizontal drilling and production technology in Central-East Texas.“We are confident that our new corporate headquarters should better facilitate Allied’s future growth, business model and overall operations as an independent producer and operator in Texas and Oklahoma”, said Steve Stengell, Allied’s President and CEO.To find out more about the company, its audited financial statements, management team, operations and other ...