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Allied Energy, Inc. Announces 2010 Fiscal Year Results
Allied Energy, Inc. Announces 2010 Fiscal Year Results.
About this update from Allied Energy, Inc.
[{"type":"text","content":"AlliedEnergy, Inc. Announces 2010 Fiscal Year ResultsBOWLING GREEN, KY--(Marketwire – April 20, 2011) - Allied Energy (OTCMarkets: AGGI) today announced its 2010 fiscal year results. The Company's financial statements are available at www.alliedenergy.com and www.otcmarkets.comFor the 12 months ended December 31, 2010, the Company reported total revenue of $27.5 million, which was a 135% increase compared to 2009. The 2010 revenue consisted of $26.4 million turnkey drilling and $1.1 million oil and gas production. For 2009, the Company had revenue consisting of $11.1 million turnkey drilling and $0.5 million oil and gas production.Net earnings for the 12 months ended December 31, 2010 were $(0.3)million as compared with $0.3 million for the 12 months ended December 31, 2009.The Company’s total assets increased to $16.4 million in 2010 compared to $12.1 million in 2009, a 35% increase. In addition, net cash flows increased to $1.8 million in 2010 from $(0.7) million in 2009, a 351% increase.The Company serves as the managing general partner for a number of oil and natural gas development programs. The Company’s aggregate oil and natural gas exploration and development costs for its programs in 2010 increased to $18.9 million from $6.0 million in 2009, an increase of 217%. The increase is a direct result of the Company's continued commitment to its aggressive acquisition and investment programs including but not limited to increased participation in horizontal and other drilling programs, including those in Central-East Texas, well reworks and completions, water disposal systems, building of gas line infrastructure, and pipeline construction for its majority-owned subsidiary, Allied Gas Transmission.In Grimes County, Texas, the Allied Howard #2H resumed production on March 12, 2011 and since that date has averaged approximately 6 million cubic feet of gas per day along with associated condensate. The Allied Howard #1H continues to produce at a rate of approximately 2.5 million cubic feet of gas per day equivalent and has produced nearly $1 million in gross revenue (in today's prices) since it was turned into production the latter part of 2010. Although no assurances can be made, the Company estimates that combined production from both wells of methane gas, natural gas liquids and condensate should pot...